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Survey: Cupid Feeling Pinch of Recession

2/2/2009

New York City The recession is putting a dent into Valentine’s Day spending. In its biannual Customer Loyalty Engagement Index, Brand Keys found that men, women and friends still intend to exchange gifts on Feb. 14, but that overall spending will be down 15% compared to last year.

“Valentine's Day will be the first major holiday of 2009 to feel the economic pinch," said Robert Passikoff, president, Brand Keys, Inc., a New York-based brand and customer engagement research consultancy.

According to the survey, men plan to spend $140 this year vs. $166 in 2008, and women plan to spend $75 this year vs. $90 in 2008.

"Gift-giving has skewed away from the purchase of expensive presents and gift cards to less expensive, more intimate tokens of love and devotion," said Passikoff. "Dinners and drinks, both alcoholic and other, have picked up 16% over last year."

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