Thursday, 08 February 2018 12:37

A Near Record Year of Spending is Expected on Valentine's Day

For Immediate Release: February 8, 2018 CONTACT: James Miller, This email address is being protected from spambots. You need JavaScript enabled to view it., (850)701-3015

Consumers are expected to spend an average of $143 per person, with total spending nationally expected to reach $19.6 billion

TALLAHASSEE, FL – The Florida Retail Federation (FRF), the state’s premier trade association representing retailers for over 80 years, says consumers are expected to spend an average of $143.56 on Valentine’s Day, an increase from last year’s total of $136.57. Total spending nationally is expected to reach $19.6 billion, up from $18.2 billion in 2017. These numbers are the second highest on record.

“Florida families are looking forward to showering their loved ones with flowers, candy, and fancy dinners this year, with a near record per person spending average of $143,” said FRF President/CEO R. Scott Shalley. “We anticipate this being a very prosperous year for retailers focused on Valentine’s Day, as consumers are feeling more confident about their financial situation and willing to spend more to celebrate.”

According to FRF’s partners at the National Retail Federation’s annual survey conducted by Prosper Insight and Analytics, this year’s survey found consumers plan to spend an average $88.98 on their significant other/spouse ($12.1 billion), $25.29 on other family members such as children or parents ($3.5 billion), $7.26 on children’s classmates/teachers ($991 million), $7.19 on friends ($982 million), $5.50 on pets ($751 million) and $4.79 on co-workers ($654 million). Those 25-34 will be the biggest spenders at an average of $202.76.

Those celebrating Valentine’s Day plan to spend $4.7 billion on jewelry (given by 19 percent), $3.7 billion on an evening out (35 percent), $2 billion on flowers (36 percent), $1.9 billion on clothing (17 percent), $1.5 billion on gift cards/gift certificates (15 percent) and $894 million on greeting cards (46 percent). More consumers plan on purchasing candy this year, with 55 percent (up from 50 percent) saying they will give gifts of candy for a total of $1.8 billion.

“Gifts of experience” such as tickets to a concert or sporting event continue to be popular, sought by 42 percent of consumers, but only 24 percent plan to give one. Those 25-34 are the most likely to give such a gift at 41 percent.

Much the same as last year, consumers plan to shop at department stores (35 percent), discount stores (32 percent), online (29 percent), specialty stores (19 percent), florists (17 percent), and local small businesses (14 percent).

Even those foregoing Valentine’s Day festivities won’t be left out. More than a quarter (27 percent) of consumers who are not observing the holiday have an alternative in mind such as treating themselves in some way or getting together with family and friends.

ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five jobs in the state, pay more than $49 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year.

ABOUT THE NATIONAL RETAIL FEDERATION
As the world's largest retail trade association and the voice of retail worldwide, the National Retail Federation's global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the U.S. and more than 45 countries abroad. In the U.S., NRF represents the breadth and diversity of an industry with more than 1.6 million American companies that employ nearly 25 million workers and generated 2010 sales of $2.4 trillion. www.nrf.com.

###
Read 4148 times