Shopping for Love: Valentine's Day Expected to Boost US Retail Jewelry Sales

PostBy Avi Paz Group At 09.02.2011

The US retail jewelry sector is already seeing recovery after two lean years, and jewelers are hoping that recent market research on spending trends will prove right and push their Valentine's Day sales up significantly over 2010. 

With jewelry almost a de rigueur present for couples, nearly every jewelry manufacturer puts out special heart-themed Valentine's Day lines at a variety of price points, from simple silver heart pendants to diamond engagement rings with six-figure price tags.  

According to the IBISWorld market research firm, luxury spending is on the rise and jewelry will be the "go-to choice" this Valentine's Day, accounting for 7.8% of all Valentine's Day sales and marking an 11.3% increase over 2010. 

The National Retail Federation's annual Valentine's Day survey for 2011 showed that American would spend a total of $15.7 billion on the holiday this year, compared to $14.1 billion in 2010. The NRF survey gives jewelry a bigger piece of the spending pie, and says that Americans will spend about $3.5 billion on jewelry gifts for this year's holiday.