Consumers To Spend Over $12 Billion On Valentine’s Day.
January 2, 2004
This year, more than half of American consumers (59.8%) will celebrate Valentine’s Day, providing a boost to florists, confectioners, and jewelry stores. The NRF 2004 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch for NRF, found that the average consumer will spend $99.24 on Valentine’s Day, up from $80.44 last year. In all, Valentine’s Day spending is expected to reach $12.79 billion this year.
Though many consumers plan to purchase Valentine’s Day gifts for their spouses or significant others (92.8%), more than two-thirds (69.1%) also plan to purchase gifts for other family members like children and parents. One in four consumers also plan to purchase gifts for friends (28.4%) and children’s classmates or teachers (26.0%).
“From co-workers to classmates, Valentine’s Day has become a holiday to express appreciation for a variety of people,” said NRF President and CEO Tracy Mullin. “Valentine’s Day has become a very big business for retailers in what is traditionally one of the slowest shopping months of the year.”
Nearly three out of four consumers (73.3%) will purchase a greeting card this Valentine’s Day and more than half (53.2%) will be buying candy. Many couples will also go out for the evening on Valentine’s Day (44.4%). And 64.9 percent of men and 16.2 percent of women will purchase flowers as gifts this Valentine’s Day.
The survey also found that young adults lead Valentine’s Day spending, with the average 18-24 year-old planning to spend $154.65 on the holiday. Spending drops dramatically for 25-34 year-olds, who only plan to spend $78.30 on the holiday.
Other Valentine’s Day facts:
More cut flowers are sold for Valentine’s Day than any other holiday, according to the Society of American Florists.
Valentine’s Day is the second most-popular card-sending holiday, according to the Greeting Card Association.
According to the National Confectioners Association, Valentine’s Day ranks fourth in candy sales, after Halloween, Easter, and the Thanksgiving through New Years holidays.
More than 36 million heart-shaped boxes of chocolate will be sold this year for Valentine’s Day, according to the Chocolate Manufacturers Association.
For more information at http://www.nrf.com
