How Much Will We Be Spending On Valentine's Day?

by Deidre Woollard (RSS feed)
Feb 3rd 2010 at 9:02PM

You might think that a weekend Valentine's Day might be good news for retailers but that's not the case according to IBISWorld which has predicted that spending on jewelry, candy and flowers will be down because men often buy their Valentine's Day gifts during the work week. Because the holiday falls on the weekend this year men may not feel the pressure to shop and may instead opt for the dinner out. That's good news for restaurants who are hoping to see good sales over the entire weekend because President's Day is also the following Monday. This could also be good news for hotels and inns which may see an uptick in romantic weekend bookings.

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.

Tags: twitter, valentines day, valentines day dinner, valentines day gifts, ValentinesDay, ValentinesDayDinner, ValentinesDayGifts

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tamydaltun Feb 8th 2010 10:39AM

Godiva is using social media for a great promotion we're supporting called Godiva Give Love Giveaway. Users can send free virtual Valentines and post them to their friends on Facebook. Get the details at http://godiva.bit.ly/67s3PV.