Spending Expected to Edge Up for Valentine’s Day ’08

Just as consumers catch their collective breaths from the recently completed holiday shopping season, the next shopping event is upon them — Valentine’s Day. And it appears many don’t plan on slowing down. According to the 2008 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch for the National Retail Federation, the average consumer plans to spend $122.98 on Valentine’s Day, up slightly from last year’s average of $119.67.

The recent survey polled 8,447 consumers. Here are some more noteworthy findings:

* total spending on Valentine’s Day is expected to reach $17.02 billion;

* adults ages 25 to 34 plan to spend the most this year ($160.37 on average), followed by 18- to 24-year-olds ($145.59), 45- to 54-year-olds ($117.91), 35- to 44-year-olds ($116.35) and 55- to 64-year-olds ($110.97);

* men will outspend women ($163.37 vs. $84.72);

* 60 percent of consumers will celebrate the event this year, with the majority planning to spend the most on their significant others or spouses ($79.99);

* other areas consumers plan to spend include friends ($5.75), children’s classmates and teachers ($4.05), and co-workers ($3.02), all of which represent a slight increase from last year;

* 48 percent of consumers plan to buy candy, 35.9 percent will buy flowers and 11.8 percent will buy clothing; and

* greeting cards remain the most popular gift choice among consumers, although the number of people planning to buy cards is down from last year (56.8 percent vs. 62.8 percent).