Valentine’s Day Shopping Survey Reveals That Spending Will Remain Steady With An Average Spend of $86.90; Men Will Continue To Outspend Women By More Than Double.
Discover Card’s fourth annual Valentine’s Day Shopping Survey highlights consumer shopping trends and intentions for the upcoming holiday.
The poll also revealed insights as to why some consumers may spend differently this year.
Economic Conditions Hardly Sway Purchase Intent
According to the results, respondents who plan to buy a gift for their spouse or significant other this Valentine’s Day will spend an average of $86.90, whereas last year they reported spending $88.50 – a decrease of two percent. Men who plan to purchase a Valentine’s Day gift intend to spend an average of $118.30 on their significant other, down slightly from last year’s average of $125.30. Women said they plan to spend an average of $49.80, up from $44.50.
Only 13 percent of respondents plan to spend more on Valentine’s Day this year than last. More than half (56%) said that they will spend about the same, and 20 percent said they will spend less. Those who intend to spend less noted that their concerns about the economy (64%) and cited having less money (68%) as reasons. Ten percent of all respondents felt it would be understandable not to exchange Valentine’s Day gifts this year, given the challenging economy.
Fifty-one percent of respondents said that deep discounts, such as 50 to 75 percent, might influence them to spend more this Valentine’s Day. Twenty-nine percent said that incentives like free gifts with purchase may encourage them to do so. Interestingly, more than half of respondents (57%) said they would not consider switching to less expensive options to save money, such as store-bought chocolates rather than gourmet, or carnations rather than roses.
“Despite the economy, consumers still intend to treat their loved ones to something special this Valentine’s Day. They’re spending a little less and are looking for more savings opportunities, but their intentions are still good,” said Ryan Garton, director of customer insights for Discover Financial Services.
When It Comes To Top Gifts, Men and Women Are On The Same Wavelength
Similar to previous years’ findings, the majority of men surveyed (73%) said they plan to buy their Valentine a special dinner. The next most popular gift items men said they planned to buy were flowers (65%) followed by candy or chocolates (51%). Men seem to be on the right track, as more than half (56%) of female respondents said they are hoping to receive a special dinner, flowers (48%) and candy or chocolates (39%).
The largest percentage of female respondents (57%) said they also plan to purchase their Valentine a special dinner, followed by candy or chocolates (44%) and music, books, DVDs or games (37%). More than half of male respondents (53 %) are hoping to receive a special dinner, a night on the town (35%) and music, books, DVDs or games (31%).
Related posts:
- Insider Secrets of Smart Holiday Shoppers
- Confidence In US Economy Climbs Among 18 to 39 Year Olds
- Consumer Confidence Survey Shows Mixed Signals
- Discover Bank Survey Shows Optimism About Economy
- How to Save Money Everyday
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I just spent a little under $100 on my husband for Valentine’s Day. I bought him a Net10 unlimited phone and card. It’s $50 a month (plus $40 to buy the phone) and it gives him unlimited talk and text and data. I can’t wait to give it to him ! He’s going to be so happy that he will not be spending an arm and a leg on cell phone service any longer.