Crazy ValDay Spending
Holy cow!
Folks are predicted to go crazy with their spending for Valentine's Day this year.
Look at this:
U.S. consumers are expected to spend nearly $20 billion on Valentine’s Day this year, a 3.8 percent increase over last year, according to the research group IBISWorld.
Factors such as rising employment levels and lower gas prices are contributing to that increase.
Most of the money spent on Valentine’s Day goes toward candy, cards, flowers and dining out. Candy has the most consistent growth over the last five years and will continue to this year, will a projected increase of 3 percent. Revenue from dining out and flower sales are expected to increase 4.3 percent and 3.3 percent respectively.
A National Retail Federation survey found that more than half of the people surveyed plan to buy candy for Valentine’s Day and one in five planned to buy jewelry. Jewelry spending was expected to reach $4.8 billion this year, which is the highest since 2010, when the NRF began tracking Valentine’s spending.
Consumers also plan to include their pets when purchasing Valentine’s Day gifts, according to the NRF. Pet spending for the holiday was expected to reach $703 million, an average of $5.28 per person.
Most people surveyed also planned to spend an average of about $26 on other family members and $6 on classmates and teachers.
Men will spend about twice as much as women on the holiday, the NRF found, and adults age 25 to 34 will spend more than other age groups at an average of $213.
(Read more: http://www.chicagotribune.com/business/breaking/la-fi-valentines-day-spending-20150209-story.html)
Putting those facts/figures into an infographic (click on it to enlarge):
The most staggering stat:
The average American will drop $139.70 on chocolates, flowers and other gifts, up from $134.56 in 2014
$140 !! WOWZAS. I am definitely not average.
We love to celebrate Valentine's Day here at our house..... but not that big of a celebration.
Out for now.....
Matt
Folks are predicted to go crazy with their spending for Valentine's Day this year.
Look at this:
U.S. consumers are expected to spend nearly $20 billion on Valentine’s Day this year, a 3.8 percent increase over last year, according to the research group IBISWorld.
Factors such as rising employment levels and lower gas prices are contributing to that increase.
Most of the money spent on Valentine’s Day goes toward candy, cards, flowers and dining out. Candy has the most consistent growth over the last five years and will continue to this year, will a projected increase of 3 percent. Revenue from dining out and flower sales are expected to increase 4.3 percent and 3.3 percent respectively.
A National Retail Federation survey found that more than half of the people surveyed plan to buy candy for Valentine’s Day and one in five planned to buy jewelry. Jewelry spending was expected to reach $4.8 billion this year, which is the highest since 2010, when the NRF began tracking Valentine’s spending.
Consumers also plan to include their pets when purchasing Valentine’s Day gifts, according to the NRF. Pet spending for the holiday was expected to reach $703 million, an average of $5.28 per person.
Most people surveyed also planned to spend an average of about $26 on other family members and $6 on classmates and teachers.
Men will spend about twice as much as women on the holiday, the NRF found, and adults age 25 to 34 will spend more than other age groups at an average of $213.
(Read more: http://www.chicagotribune.com/business/breaking/la-fi-valentines-day-spending-20150209-story.html)
Putting those facts/figures into an infographic (click on it to enlarge):
The most staggering stat:
The average American will drop $139.70 on chocolates, flowers and other gifts, up from $134.56 in 2014
$140 !! WOWZAS. I am definitely not average.
We love to celebrate Valentine's Day here at our house..... but not that big of a celebration.
Out for now.....
Matt
