As cupid prepares for his biggest day of the year, consumers are also planning special ways to celebrate with their loved ones. According to the US National Retail Federation's 2008 Valentine's Day Consumer Intentions and Actions Survey, conducted by BIGresearch, the average consumer plans to spend $122.98 on Valentine's Day, similar to last year's $119.67. Total spending on Valentine's Day is expected to reach $17.02 billion.*
Traditional gifts, such as candy, flowers and jewellery will see a slight decrease in popularity this year with more consumers preferring gifts of experience and gift cards. Almost half (48.2%) of all consumers plan to celebrate Valentine's Day with a special night out, compared to 45.3% last year, and 12.3% will give a gift card, compared to 11.3% last year. Greeting cards still remain the most popular choice, though the number of people planning to purchase one is down from last year (56.8% vs. 62.8% last year). Nearly 48.0% of consumers will buy candy, 35.9 will buy flowers and 11.8% will buy clothing.
“Valentine's Day is a great time to get creative with gift options,” said NRF President and CEO Tracy Mullin. “Most people agree that it's the thought that counts, but shelves will also be filled with traditional gifts for those who want to celebrate the old-fashioned way.”
Six out of ten consumers plan to celebrate this year, and of those celebrating, the majority plan to spend the most on their significant other or spouse ($79.99). The survey also found that consumers plan to spend slightly more on friends ($5.75 vs. $4.93 in 2007), children's classmates and teachers ($4.05 vs. $3.35) and co-workers ($3.02 vs. $2.40) than they did last year.
When it comes to real puppy love, 17.2% of celebrators also plan to spend on their pets this Valentine's Day. Spending on pets for the holiday is estimated to reach $367 million.
Not surprisingly, men will again dish out the most this year, spending an average of $163.37 on gifts and cards, compared to an average of $84.72 spent by women.
“Consumers are expected to invest time and money on gifts of experience this year, in addition to staple Valentine's Day gifts,” said Vice President of Strategy for BIGresearch Phil Rist. “Whether it's a weekend getaway or a night out on the town, consumers are looking for quality rather than quantity.”
Adults aged 25-34 plan on spending the most this year with the average person planning to shell out $160.37. Young adults will be the second biggest spenders, with the average 18-24 year old expected to spend $145.59, followed by 45-54 year olds ($117.91), 35-44 year olds ($116.35) and 55-64 year olds ($110.97).
The NRF 2008 Valentine's Day Consumer Intentions and Actions Survey, conducted for NRF by BIGresearch, was designed to gauge consumer behaviour and shopping trends related to Valentine's Day. The poll of 8,447 consumers was conducted from January 2-8, 2008. The consumer poll has a margin of error of approximately 1%.
BIGresearch is a consumer-market intelligence firm that provides unique consumer insights that are gathered online utilizing very large sample sizes. BIGresearch's syndicated Consumer Intentions and Actions survey monitors the pulse of more than 7,000 consumers each month to empower its clients with unique insights for identifying opportunities in a fragmented and changing marketplace. http://www.bigresearch.com
The National Retail Federation is the world's largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalogue, Internet, independent stores, chain restaurants, drug stores and grocery stores as well as the industry's key trading partners of retail goods and services. NRF represents an industry with more than 1.6 million US retail establishments, more than 24 million employees - about one in five American workers - and 2006 sales of $4.7 trillion. As the industry umbrella group, NRF also represents more than 100 state, national and international retail associations. http://www.nrf.com
* Figure indicates total extrapolation of US population of adults 18+
