A recent survey conducted by the National Retail Federation (NRF) among 7,293 consumers brings some good news for sellers of jewelry and candy, as well as restaurant owners: 54.8% of Americans plan to celebrate Valentine’s this year, spending an average of $146.84 on flowers, jewelry, candy and more – the highest since 2010. Total spending on Valentine’s Day in the US is expected to reach $19.7 billion.
So what are people planning to spend their good dollars on? 50% plan to buy candy (spending a total of $1.7 billion), nearly 40% plan to go out to a restaurant or buy tickets to a show (spending a total of $4.5 billion), and almost 20% – one in five Americans – plan to spend their money on necklaces, earrings and other jewelry items. The total spend on jewelry is expected to reach $4.4 billion this year.
Department stores will be the biggest winners this Valentine’s as 35.4% of consumers plan to shop for their gift there. 31% reported they will shop at their favorite discount store, while 27.9% will shop online. 19.1% will visit a specialty store, and 15.4% will shop at a small, local business.