PinkKorset.com – Sometimes love hurts. Like this year, when Valentine’s Day spending is expected to drop by 7%.
Latest annual survei from the National Retail Federation and Prosper Insights and Analytics mentioned, Valentine’s Day spending is expected to drop 7,6% this year to US$18,2 billion from last year’s US$19,7 billion. It turns out, 9% fewer people plan on celebrating it.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” said NRF President and CEO Matthew Shay.
This means the department stores, particularly in the US where this survei took place, will have their hearts broken. They are still the favorite shopping destinations for Americans who celebrate Valentine. The average spending per person is expected to drop from US$146,84 to US$136,57.
Discount stores are the second choice, while online shopping comes in at third. The most popular gift item is candy as 49,7% say they are planning on buying sweet treats. Another 46,9% are buying greeting cars. Third most popular gift is evening out and flowers.
“There is considerable demand for experiences from gift recipients, like tickets to a sporting event or outdoor adventure,” said Deborah Weinswig, Forbes contributor and Managing Director at Fung Global Retail and Technology.
Those who are in commited relationship will be spending the most. Consumers plan to spend an average of US$85,2 on significant other or spouse. Family members, classmates and teacher can only expect about US$43,90 spent on them.
“While fewer are planning to celebrate Valentine’s Day this year, millions of shopper will still make room in their budgets to spoil their loved ones,” Prosper Principal Analyst Pam Goodfellow said.