Several recent studies have been less than optimistic about sales prospects for the upcoming Valentine‘s Day (see: No Love for Valentine‘s Day?), but figures just released by the National Retail Federation (NRF) are, well... rosy.
The "2007 Valentine‘s Day Consumer Intentions and Actions Survey," conducted for NRF by BIGresearch, estimates that the average consumer will spend $119.67 this Valentine‘s Day, up from $100.89 last year.
Altogether, with 63.4% of consumers planning to celebrate the holiday this year, total 2007 Valentine‘s Day spending is expected to reach nearly $17 billion — a lot of candy kisses.
As always, men will be the leading spenders (or else!). According to the survey, the average male plans to spend $156.22, nearly double the $85.08 that the average female will spend for Valentine‘s Day.
Flowers are the perennial favorite for Valentine‘s Day, and this year will be no exception. In fact, 58% of men are planning to give flowers, up from 52% in 2006. Last year, according to the Society of American Florists, 189 million roses were produced for Valentine‘s Day, and 74% were purchased by men.
Men will also be giving cards, an evening out, candy and jewelry as gifts this year.
"Men continue to be the primary spenders when it comes to splurging on gifts for Valentine‘s Day," said Tracy Mullin, CEO of the NRF. "With males spending significantly more this year than females, men may be looking at Valentine‘s Day as a way to make up for that HD-TV they splurged on for the Super Bowl."
Men and women of all ages will be giving this Valentine‘s Day, with the peak giving age falling between 18 and 34, when love is often in bloom.
The average person plans to spend $80.29 on their significant other or spouse, $25 on family members, $4.93 on friends, $3.35 on children‘s classmates and teachers and $2.40 on co-workers.
All are figures that retailers large and small, online and off, love to hear.
