Cupid has some tricks up his (non-existent) sleeve this year with plans to shower Americans with jewelry, candy and a special night out. According to the National Retail FederationÛªsåÊValentineÛªs Day Consumer Spending Survey conducted by Prosper Insights and Analytics, the average person celebrating ValentineÛªs Day will spend $142.31 on candy, flowers, apparel and more, up from $133.91 in 2014. Total spending is expected to reach $18.9 billion, a survey high.
ÛÏItÛªs encouraging to see consumers show interest in spending on gifts and ValentineÛªs Day-related merchandise ÛÒ a good sign for consumer sentiment as we head into 2015,Û said NRF President and CEO Matthew Shay. ÛÏHoping to draw in eager shoppers, retailers will offer unique promotions on gifts, meal options at restaurants and even experiences.Û
While most (53.2%) plan to buy candy for the sweet holiday, spending a total of $1.7 billion, 1 in 5 (21.1%) plans to buy jewelry for a total of $4.8 billion, the highest amount seen since NRF began tracking spending on ValentineÛªs gifts in 2010.
Additionally, 37.8% will buy flowers, spending a total of $2.1 billion, and 35.1% will spend on plans for a special night out, including movies and restaurants, totaling $3.6 billion. Celebrants will spend nearly $2 billion on clothing and $1.5 billion on the gift that keeps on giving: Gift cards.
The survey found 91% plan to treat their significant others/spouses to something special for the consumer holiday, with plans to spend an average of $87.94 on them, up from $78.09 in 2014. Additionally, 58.7% will spend an average of $26.26 on other family members and $6.30 on childrenÛªs classmates/teachers.
A record 1 in 5 says he or she will include Fluffy and Fido in ValentineÛªs Day plans, looking to spend a mere $5.28 on average ÛÒ which equates to a whopping $703 million on pint-sized gifts of all varieties.
ÛÏItÛªs great to see consumers coming out of their shell this year, looking to spend discretionary budgets on those they love once again, though I fully expect many to continue to look for ways to cut costs where they can,Û said ProsperÛªs Principal Analyst Pam Goodfellow. ÛÏWhile many will splurge, some will still look for simple and affordable ways to show their appreciation for friends and family and celebrate in a way they are most comfortable with.Û
Discount (35.2%) and department stores (36.5%) will be among the most visited locations for those looking for the perfect ValentineÛªs Day gift, as will specialty stores (19.4%) and florists (18.7%). One-quarter say they will shop online and 13.3% will shop at a local or small business to find something unique for their loved one.
It seems women are in for the biggest treat this ValentineÛªs Day. Men will spend nearly double what women plan to spend ($190.53 versus $96.58 on average, respectively.) Additionally, adults 25 to 34 will outspend other age groups at an average of $213.04; 35 to 44-year-olds will spend an average of $176.21 and 18 to 24-year-olds will spend an average of $168.95.
AudienceSCAN reports that 19% of Americans celebrate Valentine's Day at a restaurant or hotel. 30% of them are aged 25 to 34 and another 21% are aged 35 to 44. And they're not all just old married couples: 8% of celebrators are single and have never been married; and 27% are single and divorced.
This group might be hittin' the road for V‑Day: 25% enjoy traveling to foreign countries. Can you imagine Valentine's Day in Paris? They can. They're likely to visit a vineyard too ÛÒ 25% have stopped by a winery in the past year.
Reach them while they're out seeing that romantic comedy. 24% of this audience took action after seeing ads at a movie theater within 30 days, and they're 66% more likely than average to remember the ads. Also, radio could be effective: 67% took action after listening to a spot in the past 12 months.
AudienceSCAN data is available as part of a subscription to AdMall for Agencies. Media companies can access AudienceSCAN data through the Audience Intelligence Reports inåÊAdMall.