MINNEAPOLIS (WCCO) — There’s good news for the economy: spending is taking a step up this Valentine’s Day. But how are people spending their money for the holiday?
Here are four things you need to know about consumer spending this Valentine’s Day:
How much are people spending?
The average person will spend a little over $142, according to the National Retail Federation. That’s $9 more than last year.
Who are people spending their money on?
Obviously, your husband, wife or partner stays at top of the list at $99.63. Here’s how the rest of the spending shakes out:
$44.73 – Family
$37.96 – Co-workers
$32.18 – Friends
$28.38 – School (children’s classmates/teachers)
$24.96 – Pets
*Based on those buying gifts
If you’re buying gifts, you also could be taking them to the office. More than 12.4 percent of people plan to buy gifts for their colleagues. Don’t forget your furry friends; consumers are spending $700 million on pets this year.
Which industry benefits most?
Fifty percent of consumers opt for cards and candy.
Jewelry – $4.8 Billion (1/5)
Evening out – $3.6 Billion (1/3)
Flowers – $2.09 Billion (2/5)
Candy/Cards – $1 Billion (1/2)
It seems buyers are all about jewelry. Since the National Retail Federation started conducting their survey, the number, which is over $4.8 billion, is the highest survey has seen.
Who spends more men or women?
Sorry ladies, men still spend more by about $100 dollars.
It’s go big or go home for the guys, but women are more likely to buy a card.
Again, this is a survey based on those who plan to celebrate. Right around half of us don’t celebrate the day.
For all the single ladies out there, there is good news: “50 Shades of Grey” hits movie theaters this weekend.