WASHINGTON — Retailers should expect a boost in sales this Valentine's Day, as total spending is projected to reach $15.7 billion among consumers ages 18 years and older, according to the National Retail Federation.
The average person's total spend this Valentine's Day will be about $116.21, up 11% over last year’s $103.
In line with other project numbers for Valentine's Day shopping, NRF reported that 52.1% of consumers would express their love through greeting cards, making it the most popular gift this year. Coming in the No. 2 spot is candy (24.6%). The top go-to destination for Valentine's Day shopping will be discount stores (47.5%), followed by department stores and specialty clothing stores, the survey noted.
The survey, which polled 8,913 consumers, was conducted by BIGresearch on behalf of NRF.
“Having surpassed expectations during the holiday season, it seems consumers are not done spending on gifts, which bodes well for the economy,” said NRF president and CEO Matthew Shay.