News Feature | February 11, 2014

Expect Modest Valentine's Day Spending, NRF Reports

Source: Innovative Retail Technologies
Anna Rose Welch Headshot

By Anna Rose Welch, Editorial & Community Director, Advancing RNA

Valentine’s Day spending survey shows fewer consumers celebrating this year

It looks like it will be a modest Valentine’s Day for retailers. According to the NRF 2014 Valentine’s Day spending survey, 54 percent of Americans plan to celebrate with their loved ones this year — a decrease from last year when 60 percent voiced plans to celebrate. Of those surveyed, average spending per person will total about $134 on candy, cards, gifts, dinner, and more for their loved ones this holiday, which is a slight increase from last year’s average of $130.97. All in all, the retail industry is expected to see spending total $17.3 billion this Valentine’s Day.

The survey shows that candy and cards will be the top gifts this year, with 48.7 percent of consumers planning to give their loved ones candy and 51.2 percent of consumers purchasing cards. But jewelers will be seeing their fair share of customers as well: jewelry spending is expected to reach $3.9 billion this year, as 19 percent of those surveyed said they were planning a jewelry purchase. Flowers, clothing, and gift cards will also be some popular expenditures this year.

Online channels will have importance to Valentine’s Day gift givers. According to the survey, 26 percent of shoppers plan to shop online for Valentine’s Day gifts.  Research via mobile and tablet will also be important, as 24 percent of those surveyed turn to mobiles to research gifts and 32 percent use their tablets to shop. (Learn more about personally interacting with your consumers via mobile devices in this article from ISR magazine.)

Online advertising also will be highly influential on customers’ wallets this year. A recent survey by Adroit Digital has shown consumers generally show a willingness to respond to personalized ads in the days leading up to Valentine’s Day. Nearly 60 percent of consumers surveyed indicated that online ads — including tablet and mobile ads — will influence these purchases. For 36 percent of consumers, personalized offers will make them 50 percent more likely to look into the advertised product. Free shipping offers and special Valentine’s Day promotions could also help clinch a few more online sales, as consumers say these offerings are important factors in their decisions of where to shop online. (Discover how location-based marketing is more than just mobile advertising in this ISR magazine article.)