Consumers to spend $18.2 billion on Valentine’s Day
This is according to the annual survey by the National Retail Federation and Prosper Insights & Analytics.
U.S. consumers are expected to spend an average $136.57, down from last year’s record-high $146.84.
Total spending is expected to reach $18.2 billion, down from $19.7 billion last year, which was also a record.
Starting at an average $119.67 for a total of $16.9 billion in 2007, Valentine’s spending grew most years over the past decade before hitting last year’s record.
But the number of people surveyed who plan to celebrate the holiday has dropped by nearly 10 percentage points 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 $85.21 on their significant other/spouse, $26.59 on other family members such as children or parents, $6.56 on children’s classmates/teachers, $6.51 on friends, $4.27 on co-workers, and $4.44 on pets. ■