Iowa’s flower shops, retailers and restaurants are getting busier as February 14th approaches. A study finds Valentine’s Day is growing almost as big as Christmas, from a consumer economics standpoint. Kathy Grannis, with the National Retail Federation, says spending on sweethearts will be up more than 8% this year.
Grannis says, “The average person will spend well over $126 per person, totaling 17-billion dollars.” Grannis says the federation’s survey shows the average amount spent on each spouse, girlfriend, boyfriend or significant other will be just under $75, with traditional gifts topping the list.
She says, “More people will get flowers, jewelry, apparel and even a nice dinner out.” The survey shows total spending on jewelry is expected to top $4-billion, 3.5-billion on dining out, almost 2-billion on flowers and 1.5-billion on candy.
Even with a sluggish economy, Grannis says Iowa consumers included Valentine’s Day in their financial plans. She says, “Knowing they have to spend more on gas and at the grocery store, many consumers have already allowed for that in their budget.”
The survey shows 37% of all Valentine’s Day gifts will be bought at discount stores, while 33% will be purchased at department stores. Nearly one in five gifts will be bought on-line.