WASHINGTON– The National Retail Federation says even if people try to be frugal this year, U.S. consumers are expected to spend an average of $136.57 on a Valentine’s Day gift for their loved one.
That number is down from last year’s record-high of $146.84 per person.
NRF estimated consumers will spend a grand total of $18.2 billion dollars on gifts this year, down from $19.7 billion last year.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” NRF President and CEO Matthew Shay said. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
