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 a survey by the National Retail Federation and Prosper Insights & Analytics.
The typical respondent plans to spend an average of $161.96 of Valentine Day gifts and celebrations, up 13 percent from last year's $143.56 average. 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.
Arwen Kyle works to build fill an order for Humphreys' "The Perfect Dozen," as seen on their website. The shop is located across from Warner Park at McCallie and Holtzclaw avenues.NRF analysts said 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 in 2009 during the Great Recession.
"Those who are participating are spending more than ever and that could be the result of the strong economy," said NRF President and CEO Matthew Shay. "With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy."
Today and this weekend is the second biggest holiday period for restaurants, behind only Mother's Day, and also one of the busiest days for floral shops and jewelry stores.
Those celebrating plan to spend $3.9 billion on jewelry (given by 18 percent), $3.5 billion on an evening out (34 percent), $2.1 billion on clothing (18 percent), $1.9 billion on flowers (35 percent), $1.8 billion on candy (52 percent), $1.3 billion on gift cards (15 percent) and $933 million 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.
As in each year of the survey, men are the biggest spenders at $229.54, up 20 percent from last year. That's more than double the $97.77 women said they would spend, which is down 1 percent, and is within the survey's margin of error.
Gifts for pets continue to be popular, purchased by 20 percent. Pet spending is expected to total $886 million, up $519 million since NRF first asked in 2008.