News • 07.02.2019

Fewer consumers celebrating Valentine’s Day

Those who do are spending more

Valentines-Day-Costs; Copyright: panthermedia.net/ArturVerkhovetskiy...
Source: panthermedia.net/ArturVerkhovetskiy

Americans are expected to spend a record amount on Valentine’s Day this year despite a years-long decrease in the percentage of people celebrating the holiday, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. 

“The vast majority of Valentine’s Day dollars are still spent on significant others, but there’s a big increase this year in consumers spreading the love to children, parents, friends and coworkers,” NRF President and CEO Matthew Shay said. “Those who are participating are spending more than ever and that could be the result of the strong economy. With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy.”

Those surveyed said they would spend an average 161.96 dollar. That’s up 13 percent from last year’s 143.56 dollar and easily tops the previous record of 146.84 dollar set in 2016. Total spending is expected to be 20.7 billion dollar, which is an increase of 6 percent over last year’s 19.6 billion dollarand breaks the previous record of 19.7 billion dollar, also set in 2016.

The spending increases come even though only 51 percent of Americans plan to celebrate the holiday, down from 55 percent last year and a high of 63 percent in 2007. It is unclear why the number of consumers celebrating has trended downward over the past 12 years, but spending, while varying with the economy, has generally trended up. The lowest spending during the period was 102.50 dollar in 2009 during the Great Recession.

Of the 18.40 dollar increase in average spending, only 4.26 dollar comes from spending on spouses and significant others, which is expected to total 93.24 dollar. Consumers said they would spend 29.87 dollar on other family members, up 4.58 dollar; 9.78 dollar on friends, up 2.59 dollar; 8.63 dollar on children’s classmates or teachers, up 1.37 dollar; 7.78 dollar on co-workers, up 2.99 dollar; 6.94 dollar on pets, up 1.44 dollar and 5.72 dollar on others, up 1.17 dollar.

As in each year of the survey, men are the biggest spenders at 229.54 dollar, up 20 percent from last year. That’s more than double the 97.77 dollar women said they would spend, which is down 1 percent, and is within the survey’s margin of error.

Among age groups, those 35-44 are the biggest Valentine spenders at 279.14 dollar, followed by those 25-34 at 239.07 dollar. Both groups typically have more people to buy for including children and children’s classmates or teachers.

Gifts for pets continue to be popular, purchased by 20 percent. Pet spending is expected to total 886 million dollar, up 519 million dollar since NRF first asked in 2008.

Those celebrating plan to spend 3.9 billion dollar on jewelry (given by 18 percent), 3.5 billion dollar on an evening out (34 percent), 2.1 billion dollar on clothing (18 percent), 1.9 billion dollar on flowers (35 percent), 1.8 billion dollar on candy (52 percent), 1.3 billion dollar on gift cards (15 percent) and 933 million dollar on greeting cards (44 percent). Gifts of experience such as tickets to an event or a trip to a spa are wanted by 40 percent and planned to be given by 25 percent.

Department stores are the most popular Valentine’s Day shopping destination, visited by 35 percent of shoppers, followed by discount stores (32 percent), online (27 percent), specialty stores (18 percent) florists (16 percent), small or local businesses (14 percent), jewelry stores and specialty clothing stores (each 9 percent).

Even among those who don’t plan to celebrate Valentine’s Day as such, 11 percent plan to treat themselves to gifts like clothing or jewelry and 9 percent plan to get together with other single friends or family.

“Valentine’s Day means different things for different people,” Prosper Vice President of Strategy Phil Rist said. “Whether it’s a day of romance or one of making sure their children have enough cards in their backpacks for each of their classmates, it’s an important day for those who choose to participate.”

The survey of 7,384 adults 18 and older was conducted January 2-9 and has a margin of error of plus or minus 1.2 percentage points.

Source: NRF

related articles:

popular articles:

Thumbnail-Photo: Luxury fashion spending is on the rise online...
05.02.2019   #e-commerce #fashion

Luxury fashion spending is on the rise online

Nearly half of the online luxury fashion dollar sales come from footwear

U.S. online sales of luxury fashion items are showing significant growth coming from each of the key segments – footwear, accessories, and apparel – according to the new U.S. Luxury E-commerce Report from The NPD Group. Much of the ...

Thumbnail-Photo: Holistic POS solutions in visual communication...
12.02.2019   #digital signage #Trade fair special EuroCIS 2019

Holistic POS solutions in visual communication

Product presentation and brand presence through signage

The effective placement of products at the POS is becoming increasingly difficult today due to the broad diversity of brands and the struggle for presentation area that goes along with it. Striking POS solutions are thus all the more important. ...

Thumbnail-Photo: The new world of retail(ing)
28.01.2019   #price optimization #pricing management

The new world of retail(ing)

Effects of price discrimination and dynamic pricing

Dynamic pricing is a pricing strategy that plays an important role in retail. Instead of setting prices over a specific period of time – as is common practice in traditional price management -, dynamic pricing means prices can change on a ...

Thumbnail-Photo: Companies lose customers during online holiday promotions...
02.01.2019   #data management #customer relationship management

Companies lose customers during online holiday promotions

Bad preference management equals frustrated customers

A recent survey from PossibleNOW uncovered that as many as 36 percent of businesses are not actively collecting customer preference data. Additionally, another 31 percent aren’t sure if they’re collecting this data. Many retailers will ...

Thumbnail-Photo: Lone Kauri Road Ltd. has new e-commerce site...
04.02.2019   #online trading #e-commerce

Lone Kauri Road Ltd. has new e-commerce site

Offering high performance, sustainable outdoor products

New Zealand-based company, Lone Kauri Road Ltd. recently announced the official launch of its first ecommerce site. Lonekauri.com was created to provide outdoor enthusiasts with premium quality products that minimise environmental impact by ...

Thumbnail-Photo: Retailer app identifies counterfeit products and strengthens customer...
21.01.2019   #app #labels

Retailer app identifies counterfeit products and strengthens customer relationships

Secure barcodes on paper labels offer retailers and customers many benefits

Counterfeit goods prompt harmful financial losses due to a loss of sales and profits, decreased tax revenues and by threatening jobs – and this doesn’t just impact retailers and manufacturers. According to EUIPO (The European Union ...

Thumbnail-Photo: Digital Sales Summit in Hannover
08.01.2019   #e-commerce #digitization

Digital Sales Summit in Hannover

The E-Commerce Event

The Digital Sales Summit will be held for the first time in Hanover on 21 February.An extraordinary location and a LineUp which you have never seen before in the eCommerce industry, this is the easiest way to describe the Digital Sales Summit.In his ...

Thumbnail-Photo: City management fights vacant storefronts and supports retailers...
21.11.2018   #consulting #brick and mortar retail

City management fights vacant storefronts and supports retailers

Insights from city manager Nicole Halves-Volmer from Delmenhorst

Modern city management always includes cooperation with the retailers of a city. The charismatic city manager Nicole Halves-Volmer works with passion for the city of Delmenhorst and talks in the interview about campaigns with and for ...

Thumbnail-Photo: Digital Marketing Forum
22.02.2019   #software developement #event

Digital Marketing Forum

Comprehensive, neutral, scientifically accompanied, critical

At the Digital Marketing Forum (DMF) on 06. and 07.03.2019 at the Stuttgart Media University, 18 proven experts from science and practice will explain the current status of methods, techniques and tools in digital marketing.With its program the DMF ...

Thumbnail-Photo: What retailers and brand experts need
08.02.2019   #brand management #event

What retailers and brand experts need

Retail & Brand Experience World Congress

Retail & Brand Experience World Congress (RBEWC) is the industry’s first-ever, all-encompassing event focusing on how retailers and brands can leverage experiential retail to enhance the shopping experience and reach a larger pool of ...

Supplier

Westiform GmbH & Co. KG
Westiform GmbH & Co. KG
Kinzigtalstrasse 2
77799 Ortenberg