Will Consumers Show Retailers Valentine's Love?
3.2% Increase in 2013 Valentine's Sales Predicted
Love is in the air, but will consumers show it to retailers on Valentine's Day?
According to research by IBISWorld, traditional Valentine's Day gifts such as candy and flowers will lead a 3.2 percent increase in holiday-related sales this year. In addition, Valentine's traveling, jewelry, and dining out will also beat last year's numbers.
The report says average consumer spending for Valentine's gifts will be $134.08, up slightly from last year's $133.99.
Based on Valentine's Day falling on a Thursday, the forecast for flower sales are especially strong. However, citing flat consumer confidence and higher payroll taxes, spending on bigger ticket items may be flat or lower.
Greeting cards, clothing, and lingerie are anticipated to see the least amount of growth in sales this Valentine's Day holiday.
Click here to read the IBISWorld summary of 2013 Valentines forecast (pdf).