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Valentine’s Sales to Sweeten Sellers’ Day

Shoppers expected to spend big on their loved ones.

Shades of red have been filling stores, cubicles, sites and more, signifying one thing: Valentine’s Day is on its way.

According to a recent survey, the holiday will mean more green this year than retailers have seen in the past decade. The survey by researcher BIGinsight notes that, this year, buyers will spend an average of $126.03 on gifts for their sweeties, friends and family. That’s an 8.5-percent increase compared to last year’s $116.21 average, and the most shoppers have said they’ll spend for the holiday in the survey’s 10-year history.

In all, consumers are expected spend $17.6 billion on V-Day gifts and décor, the survey notes.

Jewelry will be a top gift again this year, with an estimated 18.9 percent of buyers expected to opt for this favorite of Valentine’s gifts. That’s slightly higher than last year’s 17.3 percent. About 13 percent of shoppers say they’ll buy gift cards, and more than 50 percent will opt for candy. Thirty-six percent say they’ll show their affection with flowers, and 35.6 percent say they’ll go with a night out, according to the report.

“It’s encouraging that consumers are still exhibiting the desire to spend on discretionary gift items”

Buyers are expected to spend $4.1 billion on jewelry—up from $3.5 billion last year—$1.8 billion on flowers, $1.5 billion on candy, $1.4 billion on clothes and $1.1 billion on gift cards, the survey notes.

The spending will be good for retailers and the economy, notes Matthew Shay, president and CEO of the National Retail Federation.

“As one of the biggest gift-giving holidays of the year, it’s encouraging that consumers are still exhibiting the desire to spend on discretionary gift items—a strong indication our economy continues to move in the right direction,” he adds.

Most buyers say they’ll shop at discount and department stores, but 19.3 percent will buy online, up from 18.1 percent last year. Others will go with specialty stores, the study reports.

“This year could very well see some consumers searching high and low, and stopping at nothing to make sure their loved ones receive the perfect gift,” notes Pam Goodfellow, consumer insights director at BIGinsight.

Men are expected to be the big spenders this year, shelling out an average of $168.74—nearly twice what women are expected to spend, an average of $85.76, BIGinsight reports.

About the author

Olga Munoz
Olga Munoz is editor of TheOnlineSeller.com. In addition to writing news and feature articles about e-commerce, selling trends, online marketing and other topics of interest to online sellers, Olga manages the site's social media efforts. A journalism graduate of Chico State, Olga says her favorite part of being a journalist is learning interesting facts that help put stories into perspective, attending industry events and meeting interesting people "that leave you smiling, even in tough situations." Opinions expressed here may not be shared by The Online Seller and/or its principals.



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