|Valentine's Day spending to increase slightly from 2012|
|Written by Eric Tiansay|
|Thursday, 07 February 2013 12:00 AM EST|
Consumers are expected to spend an average $130.97 on Valentine's gifts and merchandise—up from $126.03 last year, according to the National Retail Federation's (NRF) 2013 Valentine's Day Consumer Intentions and Actions survey conducted by BIGinsight.
Total Valentine's Day spending is expected to reach $18.6 billion, up slightly from last year.
"Valentine's Day remains one of the biggest gift-giving holidays of the year, and although consumers will be conscientious with their spending, it's great to see that millions of Americans are still looking forward to celebrating with their loved ones," said NRF President and CEO Matthew Shay. "Recognizing their customers will shop for both price and value, retailers and restaurants will offer plenty of promotions for anyone looking to spoil those that mean the most to them this Feb. 14."
More than half (51%) of gift givers will buy candy, spending $1.6 billion in total, and another one-third (36.6%) will give flowers, with total spending expected to top $1.9 billion.
Others will buy jewelry (19.7%), spending more than $4.4 billion. An additional 15.6% will buy clothing, spending more than $1.6 billion, and 15% will buy gift cards, totaling $1.5 billion.
Online buying is expected to be strong this year. The survey also found that more than one-quarter (26.3%) will purchase gifts online, up from 19.3% last year and the most in the survey's 10-year history. Other shoppers will spent their money at discount stores (39.6%), department stores (33.2%), specialty stores (22.9%), floral shops (19.6%), jewelry stores (11.2%), specialty clothing stores (7.5%) and through catalogs (2.6%).
Four in 10 (40.7%) smartphone owners will use their handhelds to shop for gifts, and 46.9% of tablet owners will use their devices to purchase items. Men will spend an average of $175.61 on jewelry, flowers and a restaurant, while women will spend approximately $88.78, according to BIGinsight.