A new report indicates the Valentine’s holiday maybe a bit softer than 2016. The National Retail Federation predicts shoppers will spend just over $18 billion; that is a decrease from 2016’s record breaking $19.7 billion spend.
The estimated spend is also down about $700,000 from 2015 numbers; on average, shoppers plan to spend about $86 on their significant others and about $26 on other family members.
“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.”
As to what people are hoping to get for Valentine’s day, nearly 30% say they are looking for a ‘thoughful’ gift while 10% are looking for chocolates and 9% are hoping for a romantic getaway.
“The survey shows that this Valentine’s Day is all about love, and Americans want to find the perfect gift for their significant other,” said Kevin H. Johnson, CEO of Ebates. “Ebates makes it easy to save money by shopping both online and in-store for everything from chocolates to jewelry and even a romantic getaway.”
And on the ‘do not want’ list are items like lingerie (24% of women do not want this), flowers (24% of men do not want this) and gift cards (16% of women and 17% of men do not want) top the list.