Figures are estimated to jump 11 percent from last year’s lagging numbers with consumers predicted to spend over $100 per person on goodies for their sweethearts.
The overall total is expected to near $15.7 billion for the day, which is great news for increasingly positive consumer attitudes and their willingness to spend disposable income.
With consumer confidence on the rise, items like jewelry, candy and apparel could help retailers boost sales during the traditionally slow first two months of the year, and businesses catering to Valentine’s Day gifts were ready to sell.
From flower purveyors to chocolatiers, everyone is looking to get a piece of the spending pie, even introducing a wide variety of options to appeal to broad range of consumers.
Source: Crains New York, February 2011