The average person plans to spend $103.00 on traditional Valentine's
Day merchandise this year, according to NRF's 2010 Valentine's Day Consumer Intentions and Actions Survey. As the economy remains difficult for many consumers, this planned is similar to last year's $102.50 and leads to an estimated total of $14.1 billion this Valentine's Day.
"The economy has forced consumers to rethink their gift giving
practices," said Phil Rist, Executive Vice President, Strategic
Initiatives, BIGresearch. "Personal and unique gifts will speak volumes
this Valentine's Day as consumers dig deep into their hearts and not
However, flat over all spending masks the key area of growth, namely online shopping.
The shop.org blog highlighted some additional metrics of interest in their Valentine's Day - Online Shoppers Look Promising post. The number that jumped out at me was almost 70% higher average spend of $171.81 for those shopping online versus the $103 spent across all channels.
The higher average spend this Valentine's Day is the continuation of the larger trend to online purchasing as consumer shopping behavior fundamentally changes when times are tough. Consumers want discounts and feel that they can best find these on the Internet. I imagine that this trend will continue throughout the rest of 2010.