The National Retail Federation’s 2009 Valentine’s Day Consumer
Intentions and Actions survey, found that consumers in the U.S. plan to
spend an average $102.50 on Valentine’s gifts and merchandise, down
from last year’s $122.98 per person. The good news is that over
one-third (35.7%) of people will buy flowers, nearly the same as last
year’s 35.9 percent. Total Valentine’s Day spending is expected
to reach $14.7 billion.
When it comes to spending, most people will still buy traditional favorites even though they plan to spend less. Over one-third (35.7%) of people will buy flowers and 16.0 percent will buy jewelry, compared to16.6 percent in 2008. In addition, more people this year will send greeting cards than they did last year (58.0% vs. 56.8% in 2008). Others will head to their favorite restaurant (47.0%), purchase clothing (10.2%) or a gift card/gift certificate (11.0%).
“A bad economy won’t stop Cupid this Valentine’s Day, but it might slow him down,” said NRF President and CEO Tracy Mullin. “This year more than ever, consumers will look for creative and inexpensive ways to show those they love how much they mean to them.”
The majority of people (90.8%) will spend the most on their spouse ($67.22), with other family members such as children getting about one-fifth of their budget ($20.95). Consumers will also spend on friends ($4.74), children’s classmates/teachers ($3.59), co-workers ($1.94) and pets ($2.17).
“While some Americans will forego a gift and opt for quality time at home instead, others will simply set budgets and fixed amounts when exchanging presents,” said Phil Rist, Executive Vice President, Strategic Initiatives at BIGresearch. “Valentine’s Day this year will be more about small tokens of affection rather than extravagant purchases.”
The 35-44 year old age group will spend the most this year with the average person planning to shell out $119.19. Young adults 18-24 will be the second biggest spenders at an average of $113.68 per person, followed by 45-54 year olds ($108.82), 25-34 year olds ($105.59), and 55-64 year olds ($83.76).
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