The average US consumer will shell out $116.21 on traditional Valentine’s Day merchandise this year, up 11% from last year’s $103, according to the National Retail Federation’s (NRF) 2011 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch. Total holiday spending is expected to reach $15.7 billion, also up 11% from $14.1 billion last year.
Spouses, Pets Do Better
Having cut back on spending in recent years, the survey predicts couples this year will spend an average of $68.98 on their significant other or spouse, up about 9% from $63.34 last year. In addition, the average person will spend $5.04 on Valentine’s gifts for their pets, up a significant 54% from $3.27 last year.
Consumers will also spend an average of $6.30 on friends (up 17% from $5.37), $4.97 (up 16% from $4.29) on classmates and teachers, and $3.41 (up 20% from $2.84) on co-workers.
Men, Young Adults Spend More
As usual, men will spend the most on Valentine’s Day gifts. The average man plans to spend more than twice as much ($158.71, up 17% from $135.35) as the average woman ($75.79, up 5% from $72.28).
Looking at age-related trends, adults 25-34 will spend an average of $189.97, about three times the $60.22 adults 65 and older will spend.
Spending on Wide Variety of Items Will Rise
The survey also found spending across the board is expected to be up this year. Consumers will shell out $3.5 billion on jewelry this Valentine’s Day, up almost 17% from an estimated $3 billion last year. Clothing ($1.6 billion, 7% higher than $1.5 billion in 2010) and dining out ($3.4 billion, up 3% from $3.3 billion in 2010) will also be popular gift options.
While greeting cards will be the most popular gift option (52.1%, up 10% from 47.2%), jewelry is expected to be a big hit as well, with 17.3% planning on buying jewelry, up 6% from 15.5% last year.
Discounters Capture Consumer Hearts
Discount stores (36.6%) will be the most popular shopping destination, but department stores (30.5%), specialty stores (19.4%) and online (18.1%) will share much of the holiday traffic as well. Others will shop their local florist (16.8%) and jewelry store (9.5%).
Super Bowl Spending Also Looks Solid
February could be a lucrative month for retailers, as the average US consumer is expected to spend $59.33 on game-related Super Bowl (Feb. 6, 2011) merchandise, apparel and snacks in 2011, up almost 13% from $52.63 last year, according to another recent survey by the Retail Advertising and Marketing Association, conducted by BIGresearch. Total Super Bowl spending is expected to reach $10.1 billion.
About the Data: The NRF 2011 Valentine’s Day Consumer Intentions and Actions Survey, conducted for NRF by BIGresearch, was designed to gauge consumer behavior and shopping trends related to Valentine’s Day. The poll of 8,913 consumers was conducted from January 4-11, 2011.