Valentine’s Day Sales to Hit New Record in 2015
People are planning to lavish attention on their loved ones this Valentine’s Day, spending much more than last year. In 2015, Valentine’s Day is estimated to contribute around $18.9 billion to the economy, according to the National Retail Federation. This is not only higher than last year’s disappointing $17.3 billion, but even higher than the $18.6 billion spent in 2013.
Like last year, more than half (54.9%) will celebrate it this year, compared to 60% in 2013.
How Much Do People Plan to Spend on Valentine’s Day?
Those who are celebrating are spending nearly $10 more than last year — $142.31 vs $133.91. As usual, men spend a lot more than women: $190.53 per guy v.s. $96.58 per gal. That’s probably because men are, on average, higher earners. Those making $50,000 a year or more will spend $109.70 each, vs $58.43 per person making less than $50,000.
Younger people will spend more, as well. Those between 25-34 will spend $114.46 each, followed by those between 18-24, who will spend $104.15 each. Older folks spend less, so that those age 65+ only spend $58.45 each.
What Do Lovers Buy on Valentine’s Day?
The most popular purchase (53.2%) is candy, with lovers spending $23.86 each. More than a third (37.8%) buy flowers, spending $41.55 each. Nearly as many (35.1%) will spend $77.77 each on a dinner out.
One in five (21.1%) buy the traditional romantic gift of jewelry, paying $172.38 each.
Many prefer to buy gifts that last beyond the night — 16.3% buy sweaters, winter accessories and other clothing, spending $90.33 each .
Where Do They Shop?
More than a third will go to either discount stores (35.2%) or department stores (36.5%). Others will go to a variety of stores, no doubt looking for bargains: specialty stores (19.4%), florists (18.7%), jewelry stores (11.9%). Just like the sales on Black Friday, retailers have stocked the shelves with deals in anticipation of value-conscious shoppers.
As they did during the Black Friday holiday weekend, 25% of shoppers go online, more than the 16.3% who did last year.
Mobile Devices on the Upswing
Just like Cyber Monday, shoppers use their mobile devices to share the love on-the-go. Nearly a third of tablet owners (32.3%) research products, prices, and retailer information, redeem coupons and purchase products with their device. Only 26.1% of smartphone users do the same.
As NRF President and CEO Matthew Shay concludes, “It’s encouraging to see consumers show interest in spending on gifts and Valentine’s Day-related merchandise – a good sign for consumer sentiment as we head into 2015.” (Source: National Retail Federation, Cupid to Shower Americans with Jewelry, Candy this Valentine’s Day , January 26, 2015) Updated February 9, 2015.