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BizReport : Ecommerce archives : January 29, 2015

NRF forecasts bigger spending this Valentine's Day

With two weeks to go before Valentine's Day, the National Retail Federation has put a price on love based on a new consumer spending survey.

by Helen Leggatt

As consumers gear up for Valentine's Day and head online and to the mall to find the perfect gift, the National Retail Federation has released data on how much we'll shell out on our loved ones this year.

According to the survey, the average person will spend slightly more this year than last rising from $133.91 in 2014 to $142.31. Total spending is set to reach an all-time high for the NRF's survey hitting $18.9 billion in the U.S.

Candy is, one again, a sure fire gift choice. More than half (53%) plan to spend on confectionary accounting for a total spend of $1.7 billion, while 38% plan to purchase flowers ($2.1 billion total). Jewelry is a gift considered by 21% ($4.8 billion total).

As well as gifts, 35% will treat their loved one to dinner or a trip to the movies.

Men are forecast to spend almost twice as much as women ($190.53 vs. $96.58) and those aged between 25-34 will outspend other age groups.

"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," said Matthew Shay, President and CEO of NRF. "Hoping to draw in eager shoppers, retailers will offer unique promotions on gifts, meal options at restaurants and even experiences."

Discount (35.2%) and department stores (36.5%) will be among the most visited locations for those looking for the perfect Valentine's Day gift, as will specialty stores (19.4%) and florists (18.7%). One-quarter (25.1%) say they will shop online and 13.3% will shop at a local or small business to find something unique for their loved one.

Image via Shutterstock

Tags: ecommerce, gift, shopping, Valentine's Day

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