Open your heart, open your wallet: How much are you spending on Valentine's Day?

Published February 14th, 2017 - 06:15 GMT
The bulk of Valentine’s Day spending this year, about $4.3 billion, will go to jewellery, followed by $3.8 billion on an evening out and $2 billion on flowers.  (File photo)
The bulk of Valentine’s Day spending this year, about $4.3 billion, will go to jewellery, followed by $3.8 billion on an evening out and $2 billion on flowers. (File photo)

Shoppers from UAE have recently been placing quite a lot of orders of luxury merchandise, from Michael Kors bags to Tory Burch shoes, mostly in brighter colours, such as red and blue.

For Daniel Lim, co-founder of Reebonz, an online shopping platform catering to the Gulf region, the trend is nothing new, as people from this market, at this time of year, usually stock up on high-end goods for gifting.

“Over the Valentine’s Day shopping period, we usually see an increase in [purchases of items] in brighter colours. Our sales of bags average 60 per cent of all sales over this period and we expect to see growth this year,” Lim said.

Valentine’s Day is here and people in the UAE and across the world are again loosening up their purse strings to celebrate love.

Spending on gifts, from jewellery, clothes to chocolates and greeting cards is estimated to reach $18.2 billion this year in the United States alone. Although the figure represents a $1.5 billion decline from the 2016 spending, it still shows that people continue to open their wallets on Valentine’s.

“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” said Matthew Shay, president and CEO of the National Retail Federation.

“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 recognise that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”

This year, consumers intend to spend an average  of $85.21 on their significant other or 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.

The bulk of Valentine’s Day spending this year, about $4.3 billion, will go to jewellery, followed by $3.8 billion on an evening out and $2 billion on flowers.

Spending on clothing will reach $1.9 billion, while candy purchases will hit $1.7 billion. Gift cards/gift certificates and greeting cards will reach $1.4 billion and $1 billion, respectively.

Those who celebrate Valentine’s Day are also expected to spoil their loved ones with “gifts of experience,” such as tickets to a concert or sporting event, a gym membership or an outdoor adventure.

“While fewer are planning to celebrate Valentine’s Day this year, millions of shoppers will still make room in their budgets to spoil their loved ones,” Prosper Principal Analyst Pam Goodfellow said. “Consumers can expect promotions on everything from flowers to date-night dinner packages, leaving plenty of ideas for those looking to spoil their Valentines.”

The spending figures were provided by NRF and Prosper Insights & Analytics based on the responses of 7,591 consumers about their Valentine’s Day plans.

By Cleofe Maceda

 

 

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