Valentine’s Day spending decreases

Written by Eric Tiansay

Thursday, 12 February 2009 03:36 PM America/New_York

In another sign of a bleak retail economy, consumers plan to spend an average $102.50 on Valentine's gifts and merchandise-down from last year's $122.98 per person, according to the National Retail Federation's (NRF) 2009 Valentine's Day Consumer Intentions and Actions survey that was conducted by BIGresearch.

Total Valentine's Day spending is expected to reach $14.7 billion, down slightly from last year. "A bad economy won't stop Cupid this Valentine's Day, but it might slow him down," said NRF President and CEO Tracy Mullin. "This year more than ever, consumers will look for creative and inexpensive ways to show those they love how much they mean to them."

More than one-third (35.7%) of people will buy flowers, nearly the same as last year's 35.9%, and 16% will buy jewelry, compared to 16.6% in 2008. In addition, more people this year will send greeting cards than they did last year (58% vs. 56.8% in 2008). Others will head to their favorite restaurant (47%), purchase clothing (10.2%) or a gift card/certificate (11%), according to the NRF poll of 8,850 people.

The 35- to 44-year-old age group will spend the most this year, with the average person planning to shell out $119.19. Young adults 18-24 will be the second-biggest spenders at an average of $113.68 per person, followed by 45-54 year olds ($108.82), 25-34 year olds ($105.59) and 55-64 year olds ($83.76).