Consumer spending is expected to reach a record on Valentine's Day, despite a years-long downward trend in the percentage of people celebrating the holiday, according to a survey by the National Retail Federation and Prosper Insights & Analytics.
Total spending is expected to reach $20.7 billion, increasing 6 percent over last year's $19.6 billion and breaking the previous record of $19.7 billion in 2016. Those surveyed said they would spend an average of $161.96, up 13 percent from last year's $143.56 and topping the previous record of $146.84 in 2016.
Spending is up, even though only 51 percent of Americans plan to celebrate the holiday, down from 55 percent in 2017 and a high of 63 percent in 2007. The reason why the number of consumers celebrating Valentine's Day has decreased over the past 12 years remains unclear.
Those celebrating plan to spend $1.8 billion on candy, with 52 percent giving this gift. Department stores are the most popular Valentine's Day shopping destination, visited by 35 percent of shoppers, followed by discount stores at 32 percent, online at 27 percent, specialty stores at 18 percent, florists at 16 percent, small or local businesses at 14 percent, and jewelry stores and specialty clothing stores, each at 9 percent.
Related: SweetHearts Candy Unavailable This Valentine's Day; Buyers’ Picks: Valentine’s Fare.
from Specialty Food News http://bit.ly/2D2nSfQ
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