Men to Pay High Price for Love on Valentine’s Day.

From candy and cards to dinner and diamonds, consumers will be opening their wallets to shower their sweeties with special gifts this February 14. According to the National Retail Federation (NRF) 2006 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch for NRF, the average consumer will spend $100.89 on Valentine’s Day, up slightly from $97.27 last year. With 60.9 percent of consumers planning to celebrate the holiday, total 2006 Valentine’s Day spending is expected to reach $13.70 billion, an increase from $13.19 billion in 2005.

Men will be the biggest spenders this Valentine’s Day, with the average male spending $135.67, almost double the $68.64 that the average female will spend. When it comes to picking out that perfect gift, fewer men will be buying flowers (52.3 % vs. 57.8% in 2005) and more will be purchasing jewelry for that special someone (22.4% vs. 18.1% in 2005).

Greeting cards once again remain a holiday favorite for both sexes. According to the survey, 62.0 percent of consumers plan to purchase at least one card for the holiday. Close to half of consumers will celebrate by buying candy (47.1%) or enjoying an evening out with their sweetheart (42.1%). Other popular gifts include flowers (32.9%), jewelry (14.6%) and gift cards/gift certificates (10.9%).

“When it comes to shopping for their special someone on Valentine’s Day, consumers turn to more sentimental gifts,” said Tracy Mullin, NRF President and CEO. “Retailers know that traditional Valentine’s gifts, including candy, cards, jewelry, and flowers will remain holiday favorites and they stock their shelves accordingly.”

This year consumers will dedicate the bulk of their Valentine’s Day budget to buying for their sweetheart, with the average person planning to spend $64.63 on their significant other or spouse. Consumers also plan to spend $20.74 on other family members, $5.06 on friends, $3.52 on children’s classmates and teachers, and $2.56 on co-workers. An additional $4.38 will be spent on other people, such as neighbors and babysitters.

Middle-aged consumers will be the most generous this Valentine’s Day, spending more than any other category this year. According to the survey, consumers aged 45-54 will spend $128.78 each, up from $118.11 the previous year and considerably higher than the $88.96 the group spent in 2004. Young adults 18-24 will spend $81.89 this year, having drastically cut-back their Valentine’s spending the past two years ($83.50 in 2005 and $154.65 in 2004).

“These days young adults are coming up with creative, inexpensive ways to celebrate Valentine’s Day with their special someone without breaking the bank,” said Phil Rist, Vice President of Strategy for BIGresearch. “Over the past few years we have seen the bulk of the Valentine’s spending shift from young adults to middle-aged consumers.”

Other Valentine’s Day facts:

Consumers purchased an estimated 180 million roses for Valentine’s Day in 2005 with 74 percent of rose purchases for Valentine’s Day being made by men, according to the Society of American Florists.

Valentine’s Day is the third most popular card-sending holiday behind Christmas and Father’s Day, according to the National Retail Federation.

More than 36 million heart-shaped boxes of chocolate will be sold for Valentine’s Day, according to the National Confectioner’s Association.
About the Survey

For more information at http://www.nrf.com