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NATIONAL RETAIL FEDERATION NEWS RELEASE THE VOICE OF RETAIL WORLDWIDE Liberty Place, 325 7th Street, NW, Suite 1100, Washington, DC 20004 Phone: 202.783.7971 Fax: 202.737.2849 |
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For Immediate Release Note to media: Click here for complete survey results, including breakouts by age, gender and region of the country.
Men to Pay High Price for Love on
Valentine’s Day, Washington, DC, January 31, 2006—From candy and cards to dinner and diamonds, consumers will be opening their wallets to shower their sweeties with special gifts this February 14. According to the National Retail Federation (NRF) 2006 Valentine's Day Consumer Intentions and Actions Survey, conducted by BIGresearch for NRF, the average consumer will spend $100.89 on Valentine's Day, up slightly from $97.27 last year. With 60.9 percent of consumers planning to celebrate the holiday, total 2006 Valentine's Day spending is expected to reach $13.70 billion, an increase from $13.19 billion in 2005. Men will be the biggest spenders this Valentine’s Day, with the average male spending $135.67, almost double the $68.64 that the average female will spend. When it comes to picking out that perfect gift, fewer men will be buying flowers (52.3 % vs. 57.8% in 2005) and more will be purchasing jewelry for that special someone (22.4% vs. 18.1% in 2005). Greeting cards once again remain
a holiday favorite for both sexes. According to the survey, 62.0 percent of
consumers plan to purchase at least one card for the holiday. Close to half of
consumers will celebrate by buying candy (47.1%) or enjoying an evening out with
their sweetheart (42.1%). Other popular gifts include flowers (32.9%), jewelry
(14.6%) and gift cards/gift certificates (10.9%). This year consumers will dedicate the bulk of their Valentine's Day budget to buying for their sweetheart, with the average person planning to spend $64.63 on their significant other or spouse. Consumers also plan to spend $20.74 on other family members, $5.06 on friends, $3.52 on children's classmates and teachers, and $2.56 on co-workers. An additional $4.38 will be spent on other people, such as neighbors and babysitters. Middle-aged consumers will be the most generous this Valentine’s Day, spending more than any other category this year. According to the survey, consumers aged 45-54 will spend $128.78 each, up from $118.11 the previous year and considerably higher than the $88.96 the group spent in 2004. Young adults 18-24 will spend $81.89 this year, having drastically cut-back their Valentine’s spending the past two years ($83.50 in 2005 and $154.65 in 2004). "These days young adults are coming up with creative, inexpensive ways to celebrate Valentine’s Day with their special someone without breaking the bank," said Phil Rist, Vice President of Strategy for BIGresearch. "Over the past few years we have seen the bulk of the Valentine’s spending shift from young adults to middle-aged consumers." Other Valentine's Day facts:
About the Survey The NRF 2006 Valentine's Day Consumer Intentions and Actions Survey, conducted for NRF by BIGresearch, was designed to gauge consumer behavior and shopping trends related to Valentine's Day. The poll of 6,618 consumers was conducted from January 1-11. The consumer poll has a margin of error of plus or minus 1.0 percent. BIGresearch is a consumer market intelligence firm that provides unique consumer insights that are gathered online utilizing very large sample sizes. BIGresearch's syndicated Consumer Intentions and Actions survey monitors the pulse of more than 7,000 consumers each month to empower its clients with unique insights for identifying opportunities in a fragmented and changing marketplace. The National Retail Federation is the world 's largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores as well as the industry 's key trading partners of retail goods and services. NRF represents an industry with more than 1.4 million U.S. retail establishments, more than 23 million employees - about one in five American workers - and 2005 sales of $4.4 trillion. As the industry umbrella group, NRF also represents more than 100 state, national and international retail associations. www.nrf.com.
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