Market research firm IBISWorld expects total Valentine's Day spending to be up 3.3% from 2009, reaching $17.6 billion. But because Valentine's Day falls on a Sunday, the firm anticipates consumers to move from traditional gift-giving towards dining out.

"Because Valentine's Day lands on a Sunday, restaurants are likely to gain traffic throughout the entire weekend," said Toon van Beeck, senior analyst with IBISWorld. "Furthermore, because President's Day is on the following Monday, many consumers will be able to travel over the three-day weekend, further boosting restaurant sales."

At retail, the firm forecasts that men will not feel as much pressure to purchase by Valentine's Day because it falls on a Sunday and therefore will not be as likely to shop on the weekend, opting instead for a romantic dinner out.

Card sales, however, are expected to rise 1.8% compared to 2009.