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RAPAPORT... IBISWorld estimated that those who celebrate Valentine's Day in the U.S. would collectively spend $1.602 billion on gifts at jewelry retailers this month, representing a year-on-year increase of 5.6 percent. Across all product categories, IBISWorld forecast that the average consumer who celebrates Valentine's Day would spend $139.70 on gifts or an experience, representing an increase of 3.8 percent compared with 2014, for a total of $19.558 billion. The group noted that the greatest amount of Valentine's Day spending would come from those who chose to dine out, representing total spending of $9.859 billion, followed in second place by those who took a romantic get a way, with a total of $2.616 billion. Other gift totals included candy at $2.12 billion and flowers at $1.838 billion. IBISWorld anticipates that since Valentine's Day occurs on a Saturday this year and because gasoline prices are lower in the U.S., consumers could open their wallet a little more freely to celebrate a romantic interest.
In a separate outlook that was reported by Rapaport News, the National Retail Federation's (NRF) consumer purchasing intention survey for Valentine's Day found that 55 percent of adults celebrate the occasion and of that population, 21 percent planned to make a jewelry gift purchase. The NRF estimated total jewelry sales would reach $4.8 billion for Valentine's Day, but it noted that only 11 percent of shoppers planned to visit a jewelry store to make a purchase.
One year ago, data from U.S. specialty jewelry stores in February reflected a sales increase of 3.7 percent year on year to $2.914 billion, while sales of watches and jewelry across all retail channels improved 6 percent to $5.842 billion.
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