Can’t buy me love? Think again! Over 50% of consumers plan to celebrate Valentine’s Day, according to NRF’s survey, spending an average of about $150. Total spending is expected to reach $20 billion, a record high which makes it the 4th largest retail holiday behind Christmas, back-to-school, and Mother’s Day. Even though people didn’t spend throughout 2016, including Christmas shopping and the back-to-school season, lovers of Valentine’s Day are spending big! What are we buying?
- 1 in 4 will buy flowers (it’s the largest holiday for flower purchases); and 40% of the flowers will be roses.
- Half of us will buy candy. There will be 36 million heart-shaped chocolate boxes sold!
- Half of us will buy cards, which is 2nd only to Christmas. 85% of the cards are bought by women.
- 1 in 5 will buy jewelry. 9% of all diamonds sold for V-Day.
- 1 out of 3 go out to dinner and/or a movie.
Get your wallet ready in order to show your loved ones just how much they mean to you this Valentine’s Day!