Sun, May 26, 2024

Super spending anticipated for Valentine’s Day

The National Retail Federation (NRF) has released its prediction for how much consumers will spend on their beloved for Valentine’s Day and the outlook is rosy.

A news release from NRF said total spending on significant others is expected to reach a record $14.2 billion this year. That’s according to an annual survey by NRF and Prosper Insights & Analytics.

“Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” NRF President and CEO, Matthew Shay said in the release. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”

The top gifts include candy (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewelry (22%), clothing (21%) and gift cards (19%). New spending records are expected for jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion), and an evening out ($4.9 billion).

With less than a week remaining, florists are beginning the race to fill orders for customers.

ABD contacted the Georgia State Florist Association and was connected to Dawson Adams with Delorice’s Florist in Douglas, GA.

He said the process begins a month before the big day by preparing vases and other bases they will use. A week out, they begin adding the appropriate greenery. The big day will be Sunday. That’s when they begin designing the arrangements.

Sunday. The same day as the Super Bowl this year.

“This is our holiday,” he said with a chuckle. “Many florists rely heavily on Valentine’s Day because of the volume that we do. Last year, we had our biggest Valentine’s ever, and this year, we’re expecting to set another record. About 80% of our business will come on the 13th and 14th, so we’ve got lots of pre-orders coming in.”

He said flowers, candy, and teddy bears are Valentine’s favorites. Some customers also flex their creative muscles to match what the florists design.

“We see lots of really nice, well-worded, thought-out card messages. People will take time to write poems for their significant other, they will take time to really express how much they appreciate them. And the flowers are great. But that just takes it the extra mile,” he said.

According to the NRF survey, over half of consumers (53%) plan to celebrate Valentine’s Day this year, on par with 52% last year. Overall, consumers plan to spend a total of $25.8 billion to celebrate Valentine’s Day, on par with last year’s spending and the third highest in the survey’s history. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group.

Consumers expect to spend $185.81 each on average, nearly $8 more than the average Valentine’s Day spending over the last five years.

Last year, consumers used Valentine’s Day to celebrate all the special relationships in their lives – from pets to friends and co-workers – and their spending reflected that. This year, while consumers still value the non-romantic relationships in their lives, they are prioritizing gifts for significant others.

Online continues to be the most popular destination to shop for Valentine’s Day gifts at 40%, up from 35% last year. Consumers also plan to head to department stores (33%), discount stores (31%) and florists (17%).

“While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards,” Prosper Insights & Analytics Executive Vice President of Strategy, Phil Rist is quoted in the release. “We’re also seeing continued interest in gifts of experience with about one-third of consumers planning to give a gift of experience this year.”

Among those not celebrating Valentine’s Day, 29% still plan to mark the occasion in some way. Many will treat themselves to something special, while others will plan a get-together or evening out with their single friends or family members.

However people choose to celebrate, Adams said flowers are always the right touch.

“Beautiful, bright flowers always brighten anyone’s day. And it really shows your person how much you love them.”

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