Love Is In The Air This Valentine's Day With Increased Consumer Spending
According to a recent article from the NRF, their survey finds the total consumer spending to reach $17.6 billion for Valentine's Day 2012.
It is said that Love may not cost a thing, but this year, the average consumer is ready to spoil their loved ones this Valentine's Day in a very big way. "According to NRF's 2012 Valentine's Day Consumer Intentions and Actions survey, conducted by BIGinsight, the average person celebrating the holiday will shell out $126.03, up 8.5 percent over last year's $116.21 and the highest in the survey's 10-year history. Total spending is expected to reach $17.6 billion."
"As one of the biggest gift-giving holidays of the year, it's encouraging that consumers are still exhibiting the desire to spend on discretionary gift items, a strong indication our economy continues to move in the right direction," said NRF President and CEO Matthew Shay. "Anticipating high foot traffic in the coming weeks, retailers have replenished their inventories and will entice eager shoppers with great deals on everything from special menu items at restaurants to clothing to flowers and, of course, chocolates."
According to the survey, the average male will spend $168.74 on clothing, jewelry, greeting cards and more this year - nearly twice as much as women who are expected to spend an average of $85.76.
The total amount spent for gifts of jewelry is expected to reach $4.1 billion, up from $3.5 billion last year. Second to jewelry, will be a special evening out - more than $3.5 billion. Consumers will also spend $1.8 billion on flowers, $1.5 billion on candy, $1.4 billion on clothing and $1.1 billion on gift cards.
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