WASHINGTON -- Consumers are set to spoil their friends, family and loved ones this Valentine's Day in a very big way. According to NRF's 2012 Valentine's Day Consumer Intentions & Actions survey, conducted by BIGinsight, the average person celebrating the holiday will shell out $126.03, up 8.5% 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.
Total spending on jewelry is expected to reach $4.1 billion, up from $3.5 billion last year. Second to jewelry, people will spend more than $3.5 billion on a special evening out. 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.
"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."
The average person is planning to spend $74.12 on a spouse or significant other, up from $68.98 last year. Additionally, consumers will spend and average of $25.25 on their children, parents or other family members and $6.92 on friends and $4.52 on their pets.
The survey also found the average male is expected to 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.
In addition to traditional gift ideas, those celebrating the holiday will also put some serious thought into the perfect gift: 18.9% will buy jewelry, up from 17.3% last year and the highest percentage in the survey's history. Some will give the gift of choice: 13.3% will buy gift cards, up from 12.6% last year. Additionally, half of all celebrants (50.5%) will buy candy, 36% will buy flowers and 35.6% will treat someone to a nice evening out.
Though discount stores are expected to see the most traffic (37%), one-third of shoppers (33.6%) will head to department stores, up from 30.5% last year. Online retailers will also see a nice boost from the business of love--nearly one out of five (19.3%) will shop online for gifts this Valentine's Day, up from 18.1% last year. Others will shop at specialty stores (20.2%), floral shop (17.8%), jewelry stores (10.6%) and specialty clothing stores (6.6%).
After honing their mobile and tablet shopping skills this past holiday season, Valentine's Day celebrants are looking to hit their smartphones and tablets once again to research and purchase gifts. According to the survey, more than half of all tablet owners (53.8%) will use their device to research products, compare prices, redeem coupons, look up retailer information or purchase products. Four in 10 (40.4%) smartphone owners will use their mobile device to do the same.
The NRF 2012 Valentine's Day Consumer Intentions and Actions Survey conducted for NRF by BIGinsight was designed to gauge consumer behavior and shopping trends related to Valentine's Day. The poll of 9,317 consumers was conducted from Jan. 4-11, 2012. The consumer poll has a margin of error of plus or minus 1%.
As the world's largest retail trade association and the voice of retail worldwide, NRF represents retailers of all types and sizes, including chain restaurants and industry partners, from the United States and more than 45 countries abroad.
See attached file below for complete survey results, including details on candy.
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