Valentine's Day Spending Drops for 2017(M, JWN)

Indian consumers prefer to play it safe with their choice of gifts with the favourites being flowers, followed by cards and chocolates, while some other options include jewellery clothes leather goods and high-e

Couples will exchange 190 million greeting cards during Valentine's Day, according to the NRF. They are the favorite shopping destination for Americans purchasing Valentine's day presents.

Customers will spend $3.8 billion on an evening out this Valentine's Day, a near 15% reduction from $4.4 billion they would have spent a year ago.

The question is: How much should you spend?

Who are the gifts for?

The National Retail Federation conducted a survey showing that Valentine's Day sales are expected to drop 7.6 percent this year to $18.2 billion compared to last year's $19.7 billion. Here's what the numbers show.

The same survey shows that about 20% of United States consumers are going to give their pets Valentine's Day gifts, with each person spending an average of $4.44, or about $593 million in total. The average spending per person is expected to drop from last year's $146.84 to $136.57.

In total, consumers are expected to spend $18.2 billion for 2017, a sharp 7.6% drop as compared to the record $19.7 billion spent previous year. Spending on children and parents will also be down about 5% to $3.5 billion, whereas consumers will spend nearly 27% less on their co-workers this Valentine's day as compared to the previous year.

The jewelry industry looks to be a major beneficiary of all of this largesse, with NRF indicating spending on baubles could top $4.3 billion.

Don't forget chocolate and candy - $1.7 billion is spent on candy alone, the NRF said. That's a lot of cash.

Where will shoppers buy the gifts?

Easy. A majority of Americans are taking part.

Of course, we have a ton of Valentine's Day Deals to save you money, so check them out here!

Related News: