Consumers seem to be feeling less romantic this year when it comes to spending on Valentine’s Day.
The National Retail Federation has announced that, after a decade-long annual sales advance, Valentine’s Day spending is set to fall this year even if the majority of consumers plan to celebrate the occasion.
In NRF’s annual Valentine’s Day survey conducted by Prosper Insights, consumers in the United States indicated that they would spend an average of $136.57, down from last year’s record-high of $146.84.
Based on the survey, NRF expects total spending to be $18.2 billion, down from $19.7 billion last year.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” said Matthew Shay, NRF president and CEO. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
Department stores are the place the largest proportion of consumers will shop for Valentine’s Day gifts, NRF noted, followed by discount stores and online retailers.
