Love may be free, but Valentine's Day can sure get expensive.
An early forecast of how much Americans are expected to spend on their significant others this year predicts Valentine's Day spending will rise nearly 6 percent, to $18.6 billion. Retail consulting firm IBIS World, based in Los Angeles, predicts the strongest growth will be in jewelry and flowers, forecast to grow 11.3 and 16.8 percent each.
Holiday shopping in 2010 grew at a faster clip than had initially been predicted - more than 5 percent, according to consulting firm MasterCard Advisors. Analysts have wondered how much momentum the retail rebound actually has, after dismal holiday seasons in 2008 and 2009, and the Valentine's Day rush could be an important gauge of how much more consumers are really willing to spend this year.
Do you have any big Valentine's Day splurges planned for your love (don't worry, you can post anonymously and not spoil the surprise)? Listed below are the spending category predictions and year-over-year growth.
- Greeting cards: $823 million, + 4.9 percent
- Candy: $2.6 billion, + 5.1 percent
- Jewelry: $1.5 billion, + 11.3 percent
- Flowers: $1.6 billion, + 16.8 percent
- Dining out: $8.8 billion, + 3.8 percent
- Clothing/lingerie: $1.2 billion, + 3.4 percent
- Romantic getaways: $2.2 billion, + 5.7 percent
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5 comments:
Due to the recession, my expression of affection will cost less but be very meaningful. I plan on starting an indoor herb garden in pots for my honey's windowsill. He loves to cook and we can watch the seeds develop as our relationship blossoms. I figure the cost of the soil, seeds and several terracotta pots will set my back about $15.00. He's not a chocolate fan but I do plan on adding some great java beans as well!
I was reading thecharlottejohn.com blog post about restaurant week. that would be awesome if it was in mid-feb and not now. haha.
Want to know what variety of rose to ask for this Valentine's day? All week long we are featuring red and color roses in a video series titled “Valentine’s Day Fashion Show.” Please urge your customers and contacts to visit our blog www.riorosesuniversity.com to follow along
I agree with Anonymous. The recession means my presents are less expensive, but all the more meaningful. I'm buying my girlfriend a gallon of milk because it's her favorite drink. It's an inside joke that I know she'll love.
were getting a new 46" led tv to sit and watch and play games together on=))
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