(PRWEB) February 15, 2012
According to CreditLoan.com, Americans will spend an estimated $17.6 billion on Valentine’s Day this year - that is the second highest grossing holiday, coming second only to Christmas, and ahead of Mother’s Day, Halloween, and Easter. So just whose wallet is at the mercy of Cupid’s arrow, and what are they buying?
Read on to find out.
It might be surprising to discover that while overall consumer spending is down, Valentine’s Day related spending is on the rise. According to The National Retail Federation, in 2001, the average American spent $82.60 on the lover’s holiday. In 2008, at the start of the economic decline, the average spending was $122.98. This year, those celebrating will spend, on average, a whopping $126.03.
Wondering who is on the receiving end of all those flowers and chocolate? According to The National Retail Federation, here's a look at just who Americans are buying for: 89 percent will buy for a spouse or significant other; 61 percent will buy for kids, parents, and other family; 25 percent will buy for friends; 21 percent will buy for a child’s classmates and teachers; 20 percent will buy for their pets, and 11 percent will buy for coworkers.
Gender weighs heavily on the price tag of Valentine’s Day. According to The National Retail Federation, the average male spends $168.74, which is nearly double the $85.76 that the average female spends. Additionally, geographic location and age play a role in how much is spent. Northeast residents are the biggest spenders, doling out an average of $146.30. The south comes in second at $128.67, the western region in third at $119.82, and the Midwest spending the least at $110.96. Meanwhile the 25 to 34 age range spends the most at $176.85, with the 65-plus category spending the least at $79.97. The rest go as follows: 18-24 spends $148.05; 35-44 spends $141.82; 45-54 spends $122.43; 55-64 spends $88.13.
The final breakdown of Valentine’s spending stats targets the type of gifts being purchased. Greeting cards top the list for the favorite item to purchase. According to The National Retail Federation, 52 percent of consumers spend an average of $13.33 on cards, leading the way in general for the overall holiday spending to stretch into the billions. 50 percent of consumers spend an average of $21.47 on candy; 36 percent spend an average of $71.99 on an evening out; 36 percent will spend an average of $37.44 on flowers; 19 percent will spend an average of $156.51 on jewelry, 15 percent will spend an average of $71.30 on clothing, and 13 percent will spend an average of $63.55 on gift cards.
CreditLoan.com is a leading source of information for consumers that are seeking assistance with personal loans. Established in 1998, the site offers valuable one-stop access to visual economics, financial calculators and credit card applications. CreditLoan.com is headquartered in Apollo Beach, FL.