If you’ve recently been struck by Cupid’s golden arrow, or you’ve been madly in love for years, the National Retail Federation suggests that it’ll cost you on average $136.57 to express it.
Americans are spending less on the annual romantic holiday this year than in previous years, a survey released by the Federation and Prosper Insights & Analytics reports.
The average amount spent on gifts this year is expected to average $136.57, which is down from last year’s record high spending of $146.84. Consumer spending on Valentine’s Day has nominally increased from year-to-year over a decade, the Federation reports, but now, spending in 2017 is expected to finally see a market correction.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” NRF President and CEO Matthew Shay said. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
Dating back to 2007, the federation reports that the average amount spent on Valentine’s gifts was $119.67 for a total of $16.9 billion that year. Spending grew most years over the past decade before hitting last year’s record. The federation reports, too, that the number of people surveyed who said they plan to celebrate the holiday has dropped by nearly 10 percent over the same period from 63 percent in 2007 to 54 percent this year.
This year’s survey found consumers plan to spend an average of $85.21 on their significant other, or spouse, $26.59 on other family members such as children or parents,$6.56 on children’s classmates and teachers, $6.51 on friends, $4.27 on co-workers, and $4.44 on pets.
How much will you spend on Valentine’s Day gifts?
