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Men Digging Deeper to Show Their Love this Valentine’s Day, According to NRF
-Total Valentine’s Spending to Reach $16.90 Billion-
ashington, DC, January 30, 2007— While love may not cost a thing, consumers will be opening their wallets to show their sweeties how much they care this Valentine’s Day. According to the National Retail Federation’s (NRF) 2007 Valentine's Day Consumer Intentions and Actions Survey, conducted by BIGresearch for NRF, the average consumer will spend $119.67 on Valentine's Day, up from $100.89 last year. With 63.4 percent of consumers planning to celebrate the holiday, total 2007 Valentine's Day spending is expected to reach $16.90 billion.
Men have historically been the big spenders when it comes to Valentine’s Day and this year is no exception. According to the survey, the average male is expected to spend $156.22, nearly double the $85.08 that the average female will spend. Flowers remain a popular holiday gift, with 58.3 percent of men planning to buy their sweetie some type of flower (vs. 52.3% in 2006). Men will also be showering their loved ones with cards (56.7%), candy (42.9%), an evening out (53.1%), and jewelry (27.6%).
When it comes to showing that special someone how much you care, both sexes will be hitting the stores for that perfect token of affection. Popular gifts include cards (62.8%), candy (48.4%) and flowers (36.7%). In addition, close to half of consumers (45.3%) will treat their loved one to a special evening out.
“Men continue to be the primary spenders when it comes to splurging on gifts for Valentine’s Day,” said Tracy Mullin, NRF President and CEO. “With males spending significantly more this year than females, men may be looking at Valentine’s Day as a way to make up for that HD-TV they splurged on for the Super Bowl.”
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 $80.29 on their significant other or spouse. While overall spending on the holiday is up, consumers will be spending less on the other people in their lives, including family members ($25.00), friends ($4.93), children’s classmates and teachers ($3.35), and co-workers ($2.40).
"Consumers of all ages have shifted their priorities when it comes to holiday spending,” said Phil Rist, Vice President of Strategy for BIGresearch. “We are seeing people dedicate the majority of their budgets to the people closest to their hearts, while using creative, inexpensive ways to show the other special people in their lives how important they are.”
Consumers aged 25-34 plan on being the most generous this holiday, with the average 25-34 year-old spending $164.32. After cutting back on spending for the past two years, young adults are opening up their wallets a little wider as well. According to the survey, young adults 18-24 will spend $143.39 this Valentine’s day, up significantly from $81.89 last year. In addition, consumers aged 45-54, who were the big spenders last year, will spend $107.81, down from $128.78 in 2006.
Consumers aged 25-34 plan on being the most generous this holiday, with the average 25-34 year-old spending $164.32. After cutting back on spending for the past two years, young adults are opening up their wallets a little wider as well. According to the survey, young adults 18-24 will spend $143.39 this Valentine’s day, up significantly from $81.89 last year. In addition, consumers aged 45-54, who were the big spenders last year, will spend $107.81, down from $128.78 in 2006.
Other Valentine's Day facts:
189 million roses were produced for Valentine's Day in 2006, with 74% of rose purchases made by men, according to the Society of American Florists.
According to the National Confectioners Association, about 8 billion conversation hearts will be produced this year; that’s enough candy to stretch from Rome, Italy to Valentine, Ariz. and back again 20 times.
About the Survey
The NRF 2007 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 7,703 consumers was conducted from January 2-10. 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 1.6 million U.S. retail establishments, more than 24 million employees - about one in five American workers - and 2006 sales of $4.7 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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