US consumers will spend a record $6.4bn on jewelry this Valentine’s Day according to a new NRF survey. That’s a 14 per cent increase on last year’s predicted spend of $5.5bn.
Over half the population (53 per cent) say they’ll be celebrating, according to an annual survey by the National Retail Federation (NRF) and data insights company Prosper Insights & Analytics.
Just over a fifth (22 per cent) of the 8,329 adult consumers who were questioned said they would be buying jewelry for a loved one.
The top gifts include candy (57 per cent), greeting cards (40 per cent), flowers (39 per cent), an evening out (32 per cent).
Average spend per US adult is forecast at an average $185.81, nearly $8 more than the average Valentine’s Day spending over the last five years.
“While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards,” Prosper Insights & Analytics executive vice president of strategy Phil Rist said.
“We’re also seeing continued interest in gifts of experience with about one-third of consumers planning to give a gift of experience this year.”
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
