Consumers are being more frugal.
U.S. consumers plan to spend $4.3 billion on jewelry for Valentine’s Day this year, according to the National Retail Federation and Prosper Insights & Analytics.
Total spending is expected to reach $18.2 billion, down from a record $19.7 billion last year, according to a press release from NRF.
U.S. consumers are expected to spend an average $136.57, down from last year’s $146.84.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” NRF President and CEO Matthew Shay said. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
Starting at an average $119.67 for a total of $16.9 billion in 2007, Valentine’s spending grew most years over the past decade before hitting last year’s record. But the number of people surveyed who plan to celebrate the holiday has dropped by nearly 10 percentage points over the same period from 63 percent in 2007 to 54 percent this year.
Consumers plan to shop at department stores (35 percent), discount stores (32 percent), online (27 percent), specialty stores (18 percent), florists (18 percent) and local small businesses (15 percent), according to the release.
The survey asked 7,591 consumers about their Valentine’s Day plans.
Read more at NRF