US: Retail group predicts increase in Valentine’s Day spending

U.S. consumers are expected to spend an average $143.56 on Valentine’s Day as 55 percent of the population celebrates this year, an increase from last year’s $136.57, according to the annual survey released this week by the National Retail Federation and Prosper Insights & Analytics. Total spending is expected to reach $19.6 billion, up from $18.2 billion last year.

The numbers are the second-highest in the survey’s 15-year history, topped only by the record $146.84 and $19.7 billion seen in 2016.

“Americans are looking forward to pampering and indulging their loved ones with flowers, candy, dinner and all of the other Valentine’s Day stops,” NRF President and CEO Matthew Shay said. “With the holidays behind them and the winter months dragging along, consumers are looking for something to celebrate this time of year.”

This year’s survey found consumers plan to spend an average $88.98 on their significant other/spouse ($12.1 billion), $25.29 on other family members such as children or parents ($3.5 billion), $7.26 on children’s classmates/teachers ($991 million), $7.19 on friends ($982 million), $5.50 on pets ($751 million) and $4.79 on co-workers ($654 million). Those 25-34 will be the biggest spenders at an average of $202.76.

Those celebrating Valentine’s Day plan to spend $2 billion on flowers.

Read more at the Society of American Florists (Mary Westbrook)