Nearly all Americans – 94 percent – said they want chocolate and candy for Valentine’s Day, the most desired holiday gift, according to National Confectioners Association survey. The survey also found that 70 percent U.S. consumers plan on giving chocolate or candy this Valentine’s Day, and plan to give it to one to three loved ones. So, while some people may not receive chocolate or candy as a gift, more than 40 percent of consumers plan on buying the treats for themselves.
“Candy plays an important role in helping people celebrate special occasions like Valentine’s Day and is enjoyed as a treat year-round,” says John Downs, NCA president and CEO.
Nearly $1.7 billion is estimated to be spent on chocolate and candy for Valentine’s Day this year, according to National Retail Federation report. This year is the first year in a decade that NRF expects spending on all gifts to decrease from last year’s all-time high of $19.7 billion to $18.2 billion. Consumers on average are expected to spend $136.57, down from last year’s $146.84.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” said Matthew Shay NRF president and CEO. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
Key information from the NRF report:
- Who consumers are spending money on: $85.21 on significant other, $26.59 on other family members like children or parents, $6.56 on children’s classmates/teachers, $6.51 on friends, $4.27 on coworkers and $4.44 on pets.
- Spending broken down by category: $4.3 billion on jewelry, $3.8 billion on an evening out, $2 billion on flowers, $1.9 billion on clothing, $1.7 billion on candy, $1.4 billion on gift cards/gift certificates and $1 billion on greeting cards
- Where consumers plan to shop: department stores, 35 percent; discount stores, 32 percent; online, 27 percent; specialty stores, 18 percent; florists, 18 percent; and local small businesses, 15 percent