Consumers set to spend $18.2 billion on Valentine’s Day
After a decade-long increase, Valentine’s Day spending is expected to see a market correction this year, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics
U.S. consumers are expected to spend an average $136.57, down from last year’s record-high $146.84. Total spending is expected to reach $18.2 billion, down from $19.7 billion last year - and this year’s survey found consumers plan to spend an average $85.21 on their significant other.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” NRF President and CEO Matthew Shay said. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognise that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”