Valentine’s Day Spending to Soar to $15.7 Billion

The average person will spend $116.21 on traditional Valentine’s Day merchandise this year, according to the National Retail Federation’s (Washington, D.C.) 2011 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch. That number is up 12.8 percent over last year’s spending. Total holiday spending is expected to reach $15.7 billion.

“Having surpassed expectations during the holiday season, it seems consumers are not done spending on gifts, which bodes well for the economy,” says NRF president and ceo Matthew Shay. “Jewelry, candy and apparel sales should provide a nice boost for retailers during the typically slower months of January and February.”

Couples this year will spend an average of $68.98 on their significant other or spouse, up from $63.34 last year. While greeting cards will be the most popular gift option (52.1 percent), jewelry is expected to be a big hit as well with 17.3 percent planning on buying their loved ones something sparkly, up from 15.5 percent last year.

The survey also found spending across the board is expected to be up this year. Jewelry sales are expected to ring in at $3.5 billion, clothing at $1.6 billion and dining out at $3.4 billion. In addition, consumers will spend $1.7 billion on flowers, $1.5 billion on candy and $1.1 billion on greeting cards.

“Though the economy will still be on their minds, Valentine’s Day holds a special place in many Americans hearts,” says Phil Rist, executive vp, strategic initiatives, BIGresearch. “Some may opt for a quiet night out or a home cooked meal to keep costs down, but it seems there are others who are a little more interested in a nice night on the town.”

Among those places where consumers will be shopping, the study found 36.6 percent will head to discount stores, 30.5 percent to department stores, 19.4 percent to specialty stores and 18 percent going online.