Valentine's Day 2011 Shares the Love

By Kimberly Amadeo, About.com Guide

Valentine's Day 2011 -- Cupid Shoots the Recession: In 2011, Valentine's Day shoppers were estimated to spend around $15.7 billion on their loved ones. This was $1.7 billion more than was spent on Valentine's Day 2010, according to the National Retail Federation. However, it's less than the record $17.6 billion expected to be spent on Valentine's Day 2012. Shoppers planned on getting more value by heading to discount stores (36.6%) instead of department stores (30.5%), florists (19.4%) or even online (18.1%). They also reported they would spend less on big-ticket items, and more on small gifts to friends, family and pets. This allowed them to share the love with more, another indication of the Shift to Thrift. What Do Lovers Buy on Valentine's Day?: Over half said they would buy cards and/or candy, and a third preferred to buy flowers and/or go out to dinner. Only 17.3% said they would buy jewelry, while 15% preferred practical items such as sweaters, winter accessories and other clothing. Shoppers Planned to Spend More on Valentine's Day 2011: Even though they bought more, but smaller, gifts, those surveyed planned to spend about $103 each. As expected, men planned to spend more than women: $159 per man vs. $76 per woman, although both spent more than on Valentine's Day 2010. However, married folks spent less, about $69 each vs. $64 each the prior year. People said they would spend about a dollar more per person in 2011 to buy Valentine's Day gifts for their classmates and teachers ($4.97), friends ($6.30), co-workers ($3.41) and pets ($5).(Article updated February 11, 2011.
http://useconomy.about.com/od/grossdomesticproduct/p/Valentines-Day-2011-Economic-Facts.htm