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BizReport : Ecommerce archives : February 07, 2014

Valentine's Day could bring in $37 billion

This Valentine's Day look for more people to say 'I love you' with a gift of some sort. According to new data out from the American Express Spending and Saving Tracker people will spend an average of $213 for the holiday, a slight decrease from 2013 spending; 74% say they'll celebrate Valentine's Day with gifts.

by Kristina Knight

"More Americans are marking the Valentine's Day holiday with something special for their someone special," said David Rabkin, SVP of Consumer Lending Products for American Express. "Valentine's Day is still a major retail driver, and merchants will likely see a boost on spending for romantic items and experiences this year as consumers have more fun with their holiday plans."

Other interesting findings from the American Express report:

• 60% will buy a gift
• 53% will go to dinner
• 32% will prepare a special dinner at home
• 24% will go to the movies

New numbers from indicate most people plan to keep spending level over the Valentine's holiday. Their data shows about 60% plan to spend the same in 2014 as they did in 2013; on average consumers spent $130 each in 2013. Men, by the way, usually outspend women by about 2 to 1 - men average $176 on Valentine spending while women average $89 each.

As for the specific gifts - or gift types - most Americans want to receive, new data out from Ebates shows 25% of men want giftcards while 20% want chocolates. Women prefer flowers (41%) to giftcards (37%) or chocolate (34%).

Image via Shutterstock

Tags: American Express, Ebates, ecommerce,, Valentine's Day shopping, Valentine's Day trends

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