Anyone expecting a great Valentine’s Day gift this year may want to set their expectations low. According to a new report by the National Retail Federation, Valentine’s Day spending is expected to decrease for the second time in four years.
Folks are expected to spend on average about $136.57 for Valentine’s Day gifts, which is about 7% less than last year. Overall, total spending is expected to be around $18.2-billion, which is an 8% decline from previous years. What’s more, a large portion of people are planning to skip Valentine's altogether, with only 54% of people saying they plan to celebrate the holiday.
And for those who do plan to celebrate, it seems spouses aren’t the only ones getting gifts. The NRF reports that folks will spend about $85.21 on their significant other, while $25.69 will be spent on other family members, and an average of $4.44 will actually be used to buy their pet a gift.
As for what folks will be purchasing this year, candy is still the most popular gift (50%), followed by greeting cards (47%), an evening out (37%) and flowers (35%). As much as a gal may want jewelry, only 19% of people plan to gift that this Valentine’s Day. Experiences, like a concert or sporting event, seem to be gaining in popularity, with 40% of people say they’d love to get a “gift of experience,” although only 24% of people plan to give one.
Source: National Retail Federation