National Retail Federation
NEWS RELEASE
THE VOICE OF RETAIL WORLDWIDE
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This Valentine’s Day, Couples Cut Back on Gifts to Each Other, According to NRF Survey
-Men to Spend Twice as Much on Gifts as Women-
Washington,
February 1, 2010 – As husbands and wives across America continue to
focus on reining in their spending, it seems couples this year plan to
spend less on each other but more on their family, friends,
co-workers…even their pets. According to NRF’s 2010 Valentine’s Day
Consumer Intentions and Actions Survey, conducted by BIGresearch,
couples will spend an average of $63.34 on gifts for their significant
other or spouse, compared to $67.22 last year. The average person will
shell out $103.00 on traditional Valentine’s Day merchandise this year,
similar to last year’s $102.50. Total holiday spending is expected to
reach $14.1 billion.*
With Americans cutting back on the
amount they spend on their significant other, friends and co-workers
can expect a little bit more this year. The average person will spend
$5.37 on friends, up from $4.74 last year; $4.29 on classmates and
teachers, compared to $3.59 last year; and $2.84 on co-workers,
slightly up from the $1.94 they spent in 2009. Family pets will also
feel the love this year with the average person spending $3.27 on their
furry friends, up from $2.17 last year. Spending on family members will
remain the same ($20.94 vs. $20.95 last year).
“While some
may view Valentine’s Day as cliché, many people still look forward to
giving significant others, friends, family and even pets something
special,” said Tracy Mullin, President and CEO, NRF. “Rather than not
give anything at all, consumers will instead focus on small, thoughtful
gifts for the people who mean the most to them this year.”
As
in previous years, men will spend nearly twice the amount women spend
on the holiday. The average man plans to shell out $135.35 to impress
the people in his life while women only expect to spend $72.28.
Personal
and practical gifts will resonate with celebrants again this year as
more people will look to sweaters, winter accessories and other
clothing options (14.4% vs. 10.2% in 2009) in place of jewelry (15.5%
vs. 16.0% last year) or an evening out (35.6% vs. 47.0% in 2009.)
Traditional gifts such as greeting cards (54.9%), candy (47.2%) and
flowers (35.6%) remain popular choices.
“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 their wallets."
When
it comes to where people will shop, most will head to discount stores
(40.9%), though department stores (31.1%) and specialty stores such as
florists, electronics stores and greeting cards and gift stores (21.4%)
will also see a share of holiday foot traffic.**
About the Survey
The
NRF 2010 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
9,578 consumers was conducted from January 5-13, 2010. 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 8,000 consumers each month to empower
its clients with unique insights for identifying opportunities in a
fragmented and changing marketplace. www.bigresearch.com
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 1.6 million U.S. retail
establishments, more than 24 million employees - about one in five
American workers - and 2009 sales of $4.1 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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* Total extrapolation of U.S. population of adults 18+
** This is the first year NRF has asked where people will shop for Valentine’s Day. No comparable data is available.