How Much Will We Be Spending On Valentine's Day?
The IBISWorld Survey says that consumers are predicted to spend about $1.3 billion on jewelry for Valentine's Day, that number is 4.6 percent lower than what was spent last year. Total spending should work out to around $17.6 billion, 3.3 percent higher than last year. Another report, this one from the National Retail Federation, says couples will spend an average of $63.34 on gifts for each other which is a bit down from last year's average of $67.22. The National Retail Federation also delivers the dull news that personal and practical gifts like sweaters will trump sexier options like jewelry. The survey does show that consumers are planning to spend more on small gifts for friends and family. Men surveyed still plan to spend more than women, as usual the prediction for male spending is about double what women expect to spend.
Some companies are turning to Twitter to drum up Valentine's Day interest. We've seen Twitter-only hotel deals and a sweet tweets contest from Macy's. California Blooms is offering a Twitter contest that could win you a year of roses. American Greetings is giving away gift cards in a 'Follow the Love' Twitter contest.