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Here’s How Much Americans Will Spend On Valentine’s Day Jewelry This Year

It’s expected to be a record year for spending.

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WASHINGTON – Americans are expected to spend a record amount on Valentine’s Day this year despite a years-long decrease in the percentage of people celebrating the holiday, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.

Those celebrating plan to spend $3.9 billion on jewelry (given by 18 percent), $3.5 billion on an evening out (34 percent), $2.1 billion on clothing (18 percent), $1.9 billion on flowers (35 percent), $1.8 billion on candy (52 percent), $1.3 billion on gift cards (15 percent) and $933 million on greeting cards (44 percent).

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“The vast majority of Valentine’s Day dollars are still spent on significant others, but there’s a big increase this year in consumers spreading the love to children, parents, friends and coworkers,” said NRF President and CEO Matthew Shay. “Those who are participating are spending more than ever and that could be the result of the strong economy. With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy.”

Those surveyed said they would spend an average $161.96. That’s up 13 percent from last year’s $143.56 and easily tops the previous record of $146.84 set in 2016. Total spending is expected to be $20.7 billion, which is an increase of 6 percent over last year’s $19.6 billion and breaks the previous record of $19.7 billion, also set in 2016.

The spending increases come even though only 51 percent of Americans plan to celebrate the holiday, down from 55 percent last year and a high of 63 percent in 2007. It is unclear why the number of consumers celebrating has trended downward over the past 12 years, but spending, while varying with the economy, has generally trended up. The lowest spending during the period was $102.50 in 2009 during the Great Recession.

Of the $18.40 increase in average spending, only $4.26 comes from spending on spouses and significant others, which is expected to total $93.24. Consumers said they would spend $29.87 on other family members, up $4.58; $9.78 on friends, up $2.59; $8.63 on children’s classmates or teachers, up $1.37; $7.78 on co-workers, up $2.99; $6.94 on pets, up $1.44 and $5.72 on others, up $1.17.

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As in each year of the survey, men are the biggest spenders at $229.54, up 20 percent from last year. That’s more than double the $97.77 women said they would spend, which is down 1 percent, and is within the survey’s margin of error.

Among age groups, those 35-44 are the biggest Valentine spenders at $279.14, followed by those 25-34 at $239.07. Both groups typically have more people to buy for, including children and children’s classmates or teachers.

Gifts for pets continue to be popular, purchased by 20 percent. Pet spending is expected to total $886 million, up $519 million since NRF first asked in 2008.

Department stores are the most popular Valentine’s Day shopping destination, visited by 35 percent of shoppers, followed by discount stores (32 percent), online (27 percent), specialty stores (18 percent) florists (16 percent), small or local businesses (14 percent), jewelry stores and specialty clothing stores (each 9 percent).

Even among those who don’t plan to celebrate Valentine’s Day as such, 11 percent plan to treat themselves to gifts like clothing or jewelry and 9 percent plan to get together with other single friends or family.

“Valentine’s Day means different things for different people,” said Prosper Vice President of Strategy Phil Rist. “Whether it’s a day of romance or one of making sure their children have enough cards in their backpacks for each of their classmates, it’s an important day for those who choose to participate.”

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The survey of 7,384 adults 18 and older was conducted January 2-9 and has a margin of error of plus or minus 1.2 percentage points.

 

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Jewelry Store Robbed After Manager Tied Up in Home

The thieves made off with hundreds of thousands of dollars in goods.

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Icebox Diamonds & Watches in Atlanta was burglarized after masked gunmen tied up a jeweler and his wife in their home, the Atlanta Journal-Constitution reports.

Cobb County police stated that on Friday, the culprits forced the couple into their home and took the store keys. The couple were not injured.

(The Journal-Constitution described one of the victims as the owner. Other news sources, including WXIA-TV, described him as the manager.)

Two men broke into the Buckhead store at about 11:30 p.m. and spent about two hours there, authorities said. They took jewelry and watches from safes.

The stolen goods were reportedly worth hundreds of thousands of dollars in total. Cash and jewelry were also stolen from the jeweler’s home, according to the Journal-Constitution.

Icebox Diamonds & Watches is known for its celebrity clientele, the newspaper notes.

Read more at the Atlanta Journal-Constitution

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Singer Katy Perry Shows Off $5M Engagement Ring — Take a Look

It’s one of the most expensive celebrity engagement rings ever.

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full bloom

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Singer Katy Perry took to Instagram to show off the engagement ring she got from actor Orlando Bloom when he popped the question on Valentine’s Day.

E! News explains that “the flower-shaped sparkler appears to have a pink center stone with diamonds surrounding it, along with a gold band.” She captioned the photo “full bloom.”

Andrew Brown, president of WP Diamonds, told E! News that the ring is likely worth about $5 million.

He said it appears to feature “a 4-carat fancy vivid pink oval shaped diamond.” That stone is encircled by eight white diamonds.

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The estimated price tag would put the ring among the most expensive ever worn by a celebrity.

Perhaps the most expensive celebrity engagement ring ever was the $10 million sparkler given to singer Mariah Carey in 2016 by Australian businessman James Packer. Their engagement was called off that same year.

Read more at E! News

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Former Jewelry Store Worker Accused of Stealing $222,000 in Merchandise

She allegedly took the goods to pawn shops.

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A former employee of a jewelry store in Rhode Island has been accused of stealing from the business.

Yanill C. Taveras, who worked for Ross-Simons Jewelers in Cranston, was arrested on a charge of embezzlement/fraudulent conversion, WPRI reports.

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Authorities say 121 pieces of jewelry were missing from the store, with a total value of more than $222,000.

Taveras, 26, came under suspicion when it was discovered that she had pawned jewelry at local shops, WPRI reports.

Police say they’ve recovered about $105,000 in jewelry so far.

Taveras has been released on surety bail. She’s set to appear in court on April 25.

Read more at WPRI

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