US consumers planning to spend big bucks on V-Day shopping


February 4, 2016 | By RetailME Bureau

It’s time to spread love, and Americans are gearing up to surprise their loved ones this Valentine’s Day with special gifts.

According to the National Retail Federation’s (NRF) Valentine’s Day Consumer Spending Survey conducted by Prosper Insights and Analytics, this year Valentine’s Day total spending is expected to reach a whopping $19.7 billion.

The survey found that 54.8% of US consumers will celebrate Valentine’s Day, spending an average of $146.84 on flowers, jewellery, candy, apparel and more. This figure is up from $142.31 last year.

“As the first major consumer holiday of 2016, Valentine’s Day could provide a positive boost in spending that our economy needs,” observes NRF president and CEO Matthew Shay. “Low gas prices and guaranteed promotions from retailers, large and small, should help consumers as they look for the perfect gift for their friends and family. Looking ahead, we’re optimistic consumers are in a good place when it comes to spending on discretionary items like gifts.”

Consumers surveyed indicated some of the top gifts ideas for this Valentine’s Day, with 50% planning to buy candy, spending a total of $1.7 billion. Nearly four in 10 of those celebrating the holiday (38.3%) plan to treat their dates to a night out at a restaurant, tickets to a show or another experience, spending a record total of $4.5 billion, the highest since NRF began tracking spending on gifts in 2010.

Another $4.4 billion will be spent on necklaces, earrings and other jewellery items, with nearly one in five (19.9%) planning to treat their significant other or family member to something precious. Nearly half (47.9%) of those celebrating will spend $1.1 billion on greeting cards. Further, almost $2 billion is estimated to be spent on apparel and $1.9 billion on flowers.

“With the winter holidays behind us, consumers may have a little more room in their budget to indulge on gifts for their loved ones,” says Prosper’s principal analyst Pam Goodfellow. “This year we expect consumers will look for unique and creative gifts, including that extra special ‘experience’ that can be shared any time throughout the year. Even those on a tight budget can find affordable ways to create a special moment with each other even past Valentine’s Day.”

This Valentine’s Day department stores will see maximum traffic (34.5%). Almost one-third of the survey respondents (31%) will shop at their favourite discount store. Around 27.9% plan to shop online, 19.4% will visit a florist, 19.1% will visit a specialty store and 15.4% will shop small at a local, small business.

Further NRF for the first time asked consumers about their hope to receive and plans to give a gift of experience. According to the survey, 24% said they plan to give a gift of experience such as tickets to a concert, a spa service or an art lesson, while nearly four in 10 (38.8%) said that they would love to receive a gift of experience.

Comments

comments

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /



Lulu Group International recently introduced the world’s first AI-powered Food Delivery Robot 

Continue Reading

May 9, 2022 | By Shruthi Nair

Eid Al-Fitr is an occasion to gather with your friends and family 

Continue Reading

April 29, 2022 | By Zubina Ahmed

Leading retailer LuLu Group further strengthened its presence in the Emirate of 

Continue Reading

April 28, 2022 | By RetailME Bureau

Jones the Grocer, the Australian gourmet grocer and café chain, announces further 

Continue Reading

April 28, 2022 | By RetailME Bureau

What is a perfect healthy snack for Ramadan? An assortment of  dried 

Continue Reading

April 14, 2022 | By Zubina Ahmed

With Ramadan almost at it’s first week, we are wondering where can 

Continue Reading

April 6, 2022 | By Zubina Ahmed

In spirit of the holy month, Amazon announced that it will contribute 

Continue Reading

April 5, 2022 | By RetailME Bureau

As consumer behaviour is changing and the demand for delivery is expanding, 

Continue Reading

March 30, 2022 | By Zubina Ahmed

As part of the ‘Gift an Iftar’ campaign, Festival Plaza, part of 

Continue Reading

March 30, 2022 | By RetailME Bureau

The Michelin Guide, a book published by the French tyre company that 

Continue Reading

March 30, 2022 | By RetailME Bureau

As the UAE eases pandemic restrictions and encourages the renewal of business 

Continue Reading

March 29, 2022 | By RetailME Bureau

Papa John’s International, Inc. has announced a new partnership with ENOC Group 

Continue Reading

March 29, 2022 | By RetailME Bureau




f
Download Images RetailME Magazine