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BizReport : Research archives : February 11, 2019

Experiences top 2019 Valentine's lists

Chocolate and flowers may be the traditional gifts for Valentine's Day - and will likely hold a large portion of gifts this holiday - experiences are a growing gift for the lover's holiday. According to new data out from Mastercard experiential gift spending - including restaurants and hotel get-aways - will increase between 5% and 10% this year.

by Kristina Knight

Mastercard has released their 2019 SpendingPulse for the Valentine's holiday and among the more interesting tidbits are these: spending on meals out and retail are expected to increase about 5% to reach $15.3 billion. But, spending on hotel stays is expected to increase 9% (YoY) to reach just over $1.4 billion.

So, while most Valentine's will be gifting chocolates and jewelry, a growing number will be springing for the experience of a hotel stay.

"We're continuing to see the rise of the experiential consumer, with Valentine's Day 2019 a solid example of this trend. As more Americans turn to experiences to show their affection, we expect to see solid growth for the restaurant and travel categories this year," said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated.

Other interesting findings from the report include:

▪ Luxury sales will be flat and will account for $250 million in Valentine's spending
▪ Jewelry sales are expected to decrease to $1.1 billion

Overall, experts believe Valentine's Day will have a strong performance, spending-wise. However, the NRF notes that fewer people are making specific plans - or celebrating - at all. What keeps Valentine's sales strong is that those who do celebrate are spending more.

Tags: Mastercard Spending Pulse, NRF, valentines retail trends, valentines sales, valentines trends

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