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MediaPost Publications Valentine’s Day Spend Expected To Break Records 02/01/2012


Valentine’s Day Spend Expected To Break Records

by Sarah Mahoney, 7 hours ago

Maybe America has been depriving itself of conversation hearts and bling long enough. A new study from the National Retail Federation reports that people plan to go a little crazy in the Land of Love this year, spending $17.6 billion, the highest in the decade it has been conducting the survey. The average person celebrating with Cupid plans to plunk down $126.03, up 8.5% from last year’s $116.21.

As usual, men plan to spend more than women: The typical guy is likely to spend $168.74 on clothing, jewelry, candy and greeting cards. Women are expected to spend an average of $85.76. And men and women who have a ball and chain (um, significant other) plan to spend $74.12 on their spouse or significant other, up from $68.98 last year. Jewelry is definitely high on the list, with 18.9% planning a glittery purchase, up from 17.3% and the highest percent in the survey’s history. (Total spending on jewelry is expected to reach $4.1 billion, up from $3.5 billion last year.) The NRF’s survey, conducted by BIGInsight, includes some 9,300 adults.

In some cases, the jewelry spending will be major: While Valentine’s Day is always among the most popular days to get engaged, a new survey from Sears reports that 40% of the unmarried couples it surveyed plan to get engaged on Feb. 14.)

But the most common way to celebrate, however, continues to be through greeting cards, with 52% planning to buy a Valentine. (Some 60% of women will, compared with 44% of men.)

Not surprisingly, card purchase is much lower among the 18-24 set, which spurns the holiday’s traditional Hubba-Hubba candy hearts and paper-doily cards. Card marketers are increasingly targeting younger buyers with elaborate card apps, such as justWink from American Greetings, which allows users to personalize electronic V-day cards with photos from their phone, and even sign it with their finger. (Videos express the language of love in such Gen Y terms as “Sweaty Beaver,” “Uniporn,” and “Ralphing Rainbows.”) For $2.99, users of the app can turn the e-card into a printed one, and have it mailed to a friend.

via MediaPost Publications Valentine’s Day Spend Expected To Break Records 02/01/2012.

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About Bob Innes

Who am I and what I do best! I am a skilled Sales and Marketing team player known for performing behind the scenes miracles that increase base distribution, improve customer relationship management, exceed annual sales volume,and profitability for Consumer Packaged Goods companies. And I've been doing it for over 15 years. My successful contributions include such clients as Kraft Foods, Mars, Bumble Bee Foods, Unilever, Johnson and Johnson and SC Johnson, and JM Smuckers.

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