NRF: Valentine’s spending looks rosy

Washington, D.C. – Valentine’s Day should be especially sweet for retailers this year. According to the National Retail Federation (NRF) Valentine’s Day Consumer Spending Survey conducted by Prosper Insights and Analytics, the average person celebrating Valentine’s Day will spend $142.31 on candy, flowers, apparel and more.



That figure is up 6% from $133.91 in 2013. Total spending is expected to reach $18.9 billion, a survey high.



Almost four-in-10 consumers (37.8%) will buy flowers, spending a total of $2.1 billion, and more than one-third (35.1%) will spend on plans for a special night out, including movies and restaurants, totaling $3.6 billion. Consumers will also spend nearly $2 billion on clothing and $1.5 billion on gift cards.



The survey found-nine-in-10 (91%) plan to treat their significant others/spouses to something special for the consumer holiday, with plans to spend an average of $87.94 on them, up 13% from $78.09 last year. In addition, 58.7% will spend an average of $26.26 on other family members and $6.30 on children’s classmates/teachers.



A record one in five (21.2%) say they will include pets in their Valentine’s Day plans, looking to spend $5.28 on average, which equates to $703 million.



Discount (35.2%) and department stores (36.5%) will be among the most visited locations, as will specialty stores (19.4%) and florists (18.7%). One-quarter (25.1%) say they will shop online and 13.3% will shop at a local or small business to find something unique for their loved one.



Men will spend nearly double what women plan to spend ($190.53 compared to $96.58 on average, respectively.) Also, adults 25 to 34 will outspend other age groups at an average of $213.04; 35 to 44 year olds will spend an average of $176.21 and 18 to 24 year olds will spend an average of $168.95.



“It’s encouraging to see consumers show interest in spending on gifts and Valentine’s Day-related merchandise – a good sign for consumer sentiment as we head into 2015,” said NRF president and CEO Matthew Shay. “Hoping to draw in eager shoppers, retailers will offer unique promotions on gifts, meal options at restaurants and even experiences.”