The Cost Of Love Increases - Valentine's Day
It's costing more to show your love according to the National Retail Federation (NRF) 2006 Valentine's Day Survey. The average American will spend over $100 ($100.89) this February 14, up from $97.27 last year. Well over half (60.9%) of consumers are going to celebrate with total spending is expected to reach $13.70 billion, up over $500 million from 2005.
Men will spend nearly double what women spend on the holiday ($135.67 versus $68.64) and will be purchasing less flowers (52.3% vs. 57.8% in 2005) and more jewelry (22.4% vs. 18.1% in 2005) this year.
62% of consumers will purchase at least one greeting cards for the holiday, with 47.1% buying candy and 42.1% enjoying an evening out with their sweetheart. Other popular gifts include flowers (32.9%), jewelry (14.6%) and gift cards/gift certificates (10.9%).
As would be expected, the bulk of each person's Valentine's Day budget goes to buying a gift for their significant other, with the average person planning to spend $64.63. Consumers also plan to spend $20.74 on other family members, $5.06 on friends, $3.52 on children's classmates and teachers, and $2.56 on co-workers. An additional $4.38 will be spent on other people, such as neighbors and babysitters.
Middle-aged consumers will (aged 45-54) will spend the most at $128.78 each, up from $118.11 in 2005 and considerably higher than the $88.96 the group spent in 2004. Young adults 18-24 will spend $81.89 this year, having drastically cut-back their Valentine's Day spending the past two years ($83.50 in 2005 and $154.65 in 2004).
More Valentine's Day facts:
Consumers purchased an estimated 180 million roses for Valentine's Day in 2005 with 74 percent of rose purchases for Valentine's Day being made by men, according to the Society of American Florists.
Valentine's Day is the third most popular card-sending holiday behind Christmas and Father's Day, according to the National Retail Federation.
More than 36 million heart-shaped boxes of chocolate will be sold for Valentine's Day, according to the National Confectioner's Association.
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