With consumer confidence on the rise as we enter February this year, the forecast for Valentine’s spending is looking to flirt with history, possibly exceeding the $20 Billion mark for the first time. Strong year over year trends for shoppers to buy non-traditional, expensive tech items as Valentine’s gifts like smartphones and tablets helps lead to this conclusion. Add a new survey from our sister company, Ebates.com, which reported that 38% want smartphones as a Valentine’s gift this year. (See original release via Newswire, see also PRNewswire)
In fact, that survey reports more than 9 in 10 plan to exchange Valentine’s gifts and is most likely closer to actuals than the NRF annual Valentine’s shopping survey, reporting more than 60% of consumers are expected to celebrate Valentine’s Day. Based on this survey, they expect consumers to spend just under $19 billion on gifts and activities at just more than $142 per person, which wouldn’t buy many tech products. Note, the NRF survey focused on more traditional gifts like candy, flowers, cards and dinners.
February shopping trends are indeed evolving as technology becomes a more sexy Valentines gift idea for both him and her. The savings opportunities in FatWallet’s annual Valentine’s Day Deals promo and across the site would indicate that tech prices are in a good place, as are those more traditional gifts this time of year.
Some fun Valentine’s Day shopping numbers:
▪More than half of Valentine’s shoppers will buy candy to the tune of $1.7 million
▪$2.5 million is spent on candy during Halloween
▪More than 36 million boxes of chocolate will be sold for Valentine’s
▪The U.S consumes more chocolate than any other country
▪Chocolate sales will climb to a record $17.75 billion this year
▪Valentine’s ranks #1 for fresh flower purchases
▪Valentine’s makes up for 20% of all flower transactions
▪Almost 1 in 4 will buy flowers
▪Half of flowers for Valentine’s are bought for spouses
▪6 in 10 will buy roses
▪Nearly 40% of those will be red
▪Over 250 million roses get produced for Valentine’s Day
▪More than half buy greeting cards to the tune of more than 150 million
▪Valentine’s ranks a far second to Christmas card sales (estimated at 1.5 billion)
▪More than 1 in 3 will do a Valentine’s dinner and/or a movie
▪Nearly 1 in 5 buy jewelry as Valentine’s gifts
▪2 to 1, men outspend women for Valentine’s
▪More than 1 in 4 will shop online for their Valentine’s gifts
▪Nearly 1 in 5 will buy Valentine’s gifts for their pets
▪Almost half of yearly marriage proposals will happen on Valentine’s Day
▪Almost one third (30%) of Valentine’s shoppers procrastinate
▪40% of those believe Feb. 13th will be too late to find a deal
▪More than half of women would end their relationship if they didn’t get something for Valentine’s Day
Ok, the last fact may be inflated (unlike footballs these days), but should Valentine’s predictions hold up for heavy spending, it’s probable we see more relationships start, rather than end this Feb. 14.
Sources for Valentine’s data include NRF, AMEX, Ebates, Hallmark, statisticbrain.com, aboutflowers.com, and the Greeting Cards Association.