Consumer spending is predicted to be robust for Valentine's Day 2012. According to a National Retail Federation annual consumer intention survey, shoppers in the United States are expected to shell out an average of $126 on their loved ones. The report was released on Wednesday, two weeks before Valentine's Day on February 14.
Valentine's Day Spending on the Rise
The anticipates spending figure for 2012 is the highest level of Valentine's Day spending in the history of the 10-year survey. Last year, people spent $17.6 billion on the holiday of hearts and flowers. This year, spending is anticipated to increase 8.5 percent from 2011.
The Chicago Tribune reports the CEO of Washington, D.C. based National Retail Federation, Matthew Shay, said, “As one of the biggest gift giving holidays of the year, its' encouraging that consumer are still exhibiting the desire to spend on discretionary gift items, a strong indication our economy continues to move in the right direction.”
What Lovers Are Buying for Valentine's Day
The holiday of hearts brings to mind candy, flowers, jewelry and Valentine's Day dresses to go on romantic dinner dates. For those with a sweetheart, there is a certain expectation of giving and receiving a gift on February 14.
Half the Valentine's Day shoppers will be buying candy for that special someone. Another 36 percent will get flowers and dine out. A total of 19 percent of shopper will buy jewelry, which is an increase from 17 percent last year. Jewelry spending is expected to climb to $4.1 billion, more than the $3.5 billion spent in 2011.
Holiday sales in 2011 were up 4.1 percent from 2010, which was better than anticipated. Retailers are now looking forward to increased spending for Valentine's Day. While foreclosures and unemployment continue across the nation, consumer spending is up. It raises speculation about whether some people are recovering from the impact or they just don't care anymore.
Valentine's Day Comparison Shopping
While Valentine's Day spending is expected to increase, savvy shoppers still plan to compare prices. Looking for a hot bargain may account for some of the increased spending. The popularity of television shows such as Extreme Couponing on TLC encourage people to search for the best deals.
Mobile shopping continues to be a popular choice. More than 40 percent of Smartphone users and over half of tablet owners will research products online before making a Valentine's Day purchase.
Love, Money and Marriage on Cupid's Day
Yesterday HULIQ reported about celebrity breakups and rediscovering love for Valentine's Day. Research revealed only 51 percent of adults are married. Despite that fact, Valentine's Day remains a popular time to propose. ABC-CBN News reports 4 million Americans are expected to give or receive a marriage proposal on February 14.
American Express questioned 2,000 adults about Valentine's Day. Of the couples planning an engagement, 30 percent plan to pop the question during a weekend vacation. Buying a ring will cost $1,000 to $5,000 for 48 percent of those getting engaged. Five percent will spend over $10,000.
Despite modern marriages with two working partners, most unmarried men plan to pay for the date on Cupid's Day. However, 40 percent of women believe whoever asked for the date should pay the bill.
Regardless of all the spending being done on Valentine's Day, more than half the couples don't talk about money matters until they have been together for six months or more.
Either way, it seems Valentine's Day 2012 will be dedicated to love and spending more money to prove it.
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