Who loves you, baby?
Valentine’s Day spending will reach $18.9 billion this year, according to a survey by the National Retail Federation (NRF).
Gifts run the gamut, but candy takes the cake with consumers.
Here’s an excerpt from an NRF press release, which has the breakdown:
While most (53.2%) plan to buy candy for the sweet holiday, spending a total of $1.7 billion, one in five (21.1%) plans to buy jewelry for a total of $4.8 billion, the highest amount seen since NRF began tracking spending on Valentine’s gifts in 2010.
Additionally 37.8% will buy flowers, spending a total of $2.1 billion, and more than one-third (35.1%) will spend on plans for a special night out, including movies and restaurants, totaling $3.6 billion. Celebrants will also spend nearly $2 billion on clothing and $1.5 billion on the gift that keeps on giving: gift cards.
It turns out that Valentine’s Day isn’t just for lovebirds. Although 91% of those surveyed plan to indulge their significant others/spouses with gifts, 58.7% will dish out an average of $26.26 on other family members and $6.30 on children’s classmates/teachers.
Delectable chocolates, sweet gestures and a hearty economic impact – you’ve got to love it.