Total sales are expected to dip this year after peaking at last year’s record spending; Jewelry, an evening out at dinner/event, flowers, clothing and candy the most popular forms of gifts
ATLANTA, GA – The Georgia Retail Association (GRA), the state’s premier trade association representing retailers for over 50 years, says Georgia families will decrease their Valentine’s Day spending slightly this year, which reverses a decade-long trend of increasing spending. The average consumer will spend $136.57 in 2017, down from last year’s record high of $146.84, but total spending nationally is still expected to reach a robust $18.2 billion.
“The slight decrease in spending is understandable given the record-breaking pace Valentine’s Day spending had reached the previous ten years,” said GRA President/CEO Randy Miller. “This day is still expected to mean significant revenues for Florida’s retailers as consumers shower their loved ones with gifts, flowers, candy, tickets to events and dinners at local restaurants.”
According to GRA’s partners at the National Retail Federation’s annual survey conducted by Prosper Insight and Analytics, starting at an average $119.67 for a total of $16.9 billion in 2007, Valentine’s spending grew most years over the past decade before hitting last year’s record. But the number of people surveyed who plan to celebrate the holiday has dropped by nearly 10 percentage points over the same period from 63 percent in 2007 to 54 percent this year.
This year’s survey found consumers plan to spend an average $85.21 on their significant other/spouse, $26.59 on other family members such as children or parents, $6.56 on children’s classmates/teachers, $6.51 on friends, $4.27 on co-workers, and $4.44 on pets.
Consumers plan to spend $4.3 billion on jewelry (given by 19 percent of shoppers), $3.8 billion on an evening out (37 percent), $2 billion on flowers (35 percent), $1.9 billion on clothing (19 percent), $1.7 billion on candy (50 percent), $1.4 billion on gift cards/gift certificates (16 percent) and $1 billion on greeting cards (47 percent).
Also popular this year are “gifts of experience” such as tickets to a concert or sporting event, a gym membership or an outdoor adventure. While 40 percent of consumers want an experience gift, only 24 percent plan to give one.
Consumers plan to shop at department stores (35 percent), discount stores (32 percent), online (27 percent), specialty stores (18 percent), florists (18 percent), and local small businesses (15 percent).
ABOUT THE GEORGIA RETAIL ASSOCATION
Since 1961, the Georgia Retail Association has been working on behalf of the retail community to unite and pursue the common goal of creating the best environment for retailing in Georgia. Retail supports 1 out of 4 jobs in the state and is directly and indirectly responsible for 78% of Georgia's gross domestic product. The Georgia Retail Association is a division of the Florida Retail Federation.