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Valentine’s Day Jewelry Spending Expected to Fall 8%
Feb 14, 2016 10:22 AM
By Rapaport News
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RAPAPORT... The amount consumers in the U.S. will spend on
jewelry this Valentine’s Day (February 14) is expected to fall 8 percent year on
year to $4.45 billion, according to the National Retail Federation (NRF).
A survey carried out for
the NRF by Prosper Insights and Analytics found 19.9 percent of respondents
planned to give their loved one jewelry for Valentine’s Day, compared with 21.1
percent in 2015. Those who intend to buy jewelry will spend an average of
$166.08, a 3.7-percent decrease from $172.38 in 2015.
“As
the first major consumer holiday of 2016, Valentine’s Day could provide a
positive boost in spending our economy needs,” Matthew Shay, president and
chief executive officer of the NRF, said in a statement February 3. “Low gas
prices and guaranteed promotions from retailers large and small should help
consumers as they look for the perfect gift for their friends and family.
Looking ahead, we’re optimistic consumers are in a good place when it comes to
spending on discretionary items like gifts.”
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Tags:
National Retail Federation, NRF, Rapaport News, retail. retail sales, U.S. retail, Valentine’s Day
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