Valentine’s Day Spending to Drop This Year: NRF

Valentine’s Day spending is expected to fall this year, after rising every year for about a decade. In 2017, consumers are expected to spend an average of $136.57. Last year, the forecast was $146.84 per shopper. Total spending is projected to hit $18.2 billion; last year, projected spending hit a record at $19.7 billion.

According to the National Retail Federation (Washington, D.C.) and Prosper Insights & Analytics (Worthington, Ohio) who released the findings, the drop in spending is considered a “market correction,” according to a press release.

Spending began increasing in 2007, when it was projected to rise to $16.9 billion or $119.67 per consumer. This year is the first since then that it has dropped. During the same period of time, however, 10 percent fewer people plan to shop for the holiday. Today, only 54 percent plan to buy presents, while in 2007, it was 63 percent.