Survey finds only slight rise in Valentine’s Day spending this year

U.S. consumers will increase their Valentine’s Day spending only marginally this year from the amount spent in 2012, according to a survey for the National Retail Federation (NRF).

The average person is planning to spend $130.97 on gifts this year compared with $126.03 in 2012, while total spending is forecast to reach $18.6 billion.

Valentine’s Day jewelry purchases are one of the most important buying periods for the diamond jewelry business.

NRF President and CEO Matthew Shay said, “Recognizing their customers will shop for both price and value, retailers and restaurants will offer plenty of promotions for anyone looking to spoil those that mean the most to them this February 14th.”

Close to 20 percent of Valentine’s Day gift-seekers will buy jewelry, spending more than $4.4 billion on diamonds, gold and silver.

Price and value continue to be important, meaning there will be a great deal of comparison shopping online.

The survey found that 26.3 percent will buy online, up from 19.3 percent last year and the highest figure in the survey’s 10-year history. Shopping at jewelry stores will be undertaken by 11.2 percent of those surveyed.

Meanwhile, four in 10 smartphone owners will shop for gifts using their handhelds, and 47 percent of tablet owners will use their devices to research gift ideas and purchase items.

The survey found that almost 61 percent of shoppers plan to buy gifts for family members, with the rest going on gifts for friends, co-workers, and even pets.