Valentines Day spending to decline slightly, after a decade of record-setting increases
Total sales are expected to dip this year after peaking at last year's record spending; Jewelry, an evening out at dinner/event, flowers, clothing and candy the most popular forms of gifts
TALLAHASSEE, FL – The Florida Retail Federation (FRF), the state’s premier trade association celebrating its 80th year in supporting Florida’s retail industry, says Floridians will decrease their Valentine’s Day spending slightly this year, which reverses a decade-long trend of increasing spending. The average consumer will spend $136.57 in 2017, down from last year’s record high of $146.84, but total spending nationally is still expected to reach a robust $18.2 billion.
“The slight decrease in spending is understandable given the record-breaking pace Valentine’s Day spending had reached the previous ten years,” said FRF President/CEO Randy Miller. “This day is still expected to mean significant revenues for Florida’s retailers as consumers shower their loved ones with gifts, flowers, candy, tickets to events and dinners at local restaurants.”
According to FRF’s partners at the National Retail Federation’s annual survey conducted by Prosper Insight and Analytics, starting at an average $119.67 for a total of $16.9 billion in 2007, Valentine’s spending grew most years over the past decade before hitting last year’s record. But the number of people surveyed who plan to celebrate the holiday has dropped by nearly 10 percentage points over the same period from 63 percent in 2007 to 54 percent this year.
This year’s survey found consumers plan to spend an average $85.21 on their significant other/spouse, $26.59 on other family members such as children or parents, $6.56 on children’s classmates/teachers, $6.51 on friends, $4.27 on co-workers, and $4.44 on pets.
Consumers plan to spend $4.3 billion on jewelry (given by 19 percent of shoppers), $3.8 billion on an evening out (37 percent), $2 billion on flowers (35 percent), $1.9 billion on clothing (19 percent), $1.7 billion on candy (50 percent), $1.4 billion on gift cards/gift certificates (16 percent) and $1 billion on greeting cards (47 percent).
Also popular this year are “gifts of experience” such as tickets to a concert or sporting event, a gym membership or an outdoor adventure. While 40 percent of consumers want an experience gift, only 24 percent plan to give one.
Consumers plan to shop at department stores (35 percent), discount stores (32 percent), online (27 percent), specialty stores (18 percent), florists (18 percent), and local small businesses (15 percent).
ABOUT THE FLORIDA RETAIL FEDERATION
Founded in 1937, the Florida Retail Federation is celebrating its 80th anniversary this year as the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide three out of every four jobs in the state, pay more than $49 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year. In fact, more than three out of four of Florida’s budget dollars come from retail-related activity.