Retail Surveys

NRF forecasts $4.1B jewelry spend for Valentine's

Feb 2, 2012

Washington--Total spending on jewelry this Valentine’s Day is expected to reach $4.1 billion, up from $3.5 billion last year, according to the National Retail Federation’s (NRF) 2012 Valentine’s Day Consumer Intentions and Actions survey.

More than 19 percent of Valentine’s Day shoppers plan to buy jewelry, up from 17 percent last year and the highest percentage in the survey’s 10-year history.

“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,” Matthew Shay, president and CEO of NRF, said.

In total, the average Valentine’s Day shopper will spend $126 on gifts this year, up 9 percent over last year’s $116 and the highest amount seen in the survey’s history, according to NRF. Total spending for the holiday is expected to exceed $17.6 billion.

Shoppers will spend the most on their partners, with the average person planning to shell out $74 on their spouse or significant other, up from $69 last year. An average of $25 will be spent on children, parents or other family members, and $7 will be spent on friends.

The survey also found that the average male is expected to spend $169 on clothing, jewelry, greeting cards and other items this year, nearly twice as much a women, who are expected to spend an average of $86.

“Valentine’s Day means more than what’s simply on the surface,” Pam Goodfellow, consumer insights director at BIGinsight, a consumer intelligence company, said. “This year we could very well see some consumers searching high and low and stopping at nothing to make sure their loved ones receive the perfect gift.”

While discount stores are expected to see the most traffic for the holiday at 37 percent, one-third of consumers (34 percent) will head to department stores, up from 31 percent last year. Nearly one in five consumers (19 percent) will shop online, and 11 percent will shop at jewelry stores.

In addition, the survey found that more than half of tablet owners (54 percent) will use their device to research and purchase Valentine’s Day gifts, and 40 percent of smartphone users will use their mobile device to do the same.

NRF’s 2012 Valentine’s Day Consumer Intentions and Actions Survey, conducted for NRF by BIGinsight, polled 9,317 consumers from Jan. 4-11.

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