Valentines Spending

News
Thursday, February 10, 2011 - 3:30pm

Michelle Franzen reports on how people plan to celebrate this coming Valentine's Day.

Love it or not Valentine's Day is right around the corner. Spending is expected to be up 11% from last year. Another sign Americans are having enough confidence to splurge and show that special someone how much they care.

It's that time again when Cupid draws back his bow and couples try to find that special way to say will you be my valentine.

Whatever their message is, it appears the average couple plans to spend more than last year.

Scott Krugman of the National Retail Federation says "consumers are expected to spend $16 billion this Valentine's Day. That's roughly $2 billion over last year. So once again consumers are showing a willingness to let go of some of that discretionary income and celebrate Valentine's Day in style."

That style includes a return to luxury. Jewelry sales are expected to be up but all across the board couples will be splurging on dinners, wine, chocolates and of course flowers.

At Flowers on the Hill" in Washington, DC, owner Shirel Williams is still uneasy.

Shirel says "a small business owner is really 'crying' now and praying."

Valentine's Day can be a make or break holiday for retailers trying to gauge a thorny market.

Shirel says "they are going to spend a $100 for roses if they plan on getting them delivered."

When it comes to spending this Valentine's Day it looks like tradition will hold true.

Scott Krugman says "men will out spend women this Valentine's Day by more than half. So it looks like women are getting pampered and men, well, they might have to settle for a tie."

Not a problem, says Bobby Morrow married 30 years and counting.

Bobby Morrow says "I should be doing that all through out the year but it at least give me that opportunity the make sure that on that day i'm able to do that for her."

Translation: in the end, it's the thought that will show you are all heart.

So just how much will the average person spend? According to the National Retail Federation, just over $116.00.
 

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