National Retail Federation (NRF) and Prosper Insights & Analytics conducted a survey to understand consumer spending on Valentine’s Day.
The survey reveals that Americans are likely to increase their total Valentine’s Day spending from last year’s $20.7 billion to $27.4 billion this year. This increase comes after the total number of people celebrating Valentine’s Day rebounded to 55% this year from 51% last year.
This piece states that American consumers are expanding the range of people they are buying gifts for on Valentine’s Day. For instance, 27% of consumers said they will buy gifts for their pets this Valentine’s Day, as opposed to 17% in 2010.
Further, people aged 35-44 are expected to be the highest spenders with an average share of $358.78. Department stores are the most preferred shopping destination for Valentine’s Day with 36% of the visitors.
[4 minute read]