The National Retail Federation finds this Valentine’s Day consumers are expected to spend $18.2 billion. That’s down from $19.7 billion last year. LSU Marketing Professor Dan Rice says we might be seeing a shift in how people celebrate this romantic holiday as couples are doing more things for each other around the year.
“There is a certain group of people that think there is a trend more towards not buying into having to do everything on Valentine’s Day.”
The report also finds the number of people who celebrate the holiday has dropped by nearly 10% from 2007 to 54% this year. But Rice says this is still a big holiday for retailers.
“There are still plenty of people that are out there looking for last minute gifts, chocolates are always a standby. And they’re going to try to make those offers attractive, so the people that are still looking for gifts, they have something to offer for them.”
Consumers are expected to spend about $85 on their significant other or spouse. Rice says many couples are moving away from the chocolates and jewelry and giving their partner experiential gifts.
“Going on a special trip or a special night out that isn’t purchased in advance and sometimes may just say we’re going to do it in a couple days and be looking forward to it to avoid the rush.”