Lovers to spend more this Valentine’s Day

They say love is free, but that won’t stop the smitten from trying to quantify it with $17.6 billion in special gifts this Valentine’s Day.

The holiday spending estimate is up 8.6% from a year ago and  a welcomed site for retailers looking to boost lackluster profits amid the recovering economy.

The National Retail Federation’s annual survey found consumers on average will dole out $126.03 for their significant other, friends, co-workers and pets this year.

“As one of the biggest gift-giving holidays of the year, it’s encouraging that consumers are still exhibiting the desire to spend on discretionary gift items, a strong indication our economy continues to move in the right direction,” said NRF President and CEO Matthew Shay.

He said retailers stocked well in anticipation for heavy foot traffic. And most hope to entice eager shoppers with special deals.

BETTER HALVES
Lovers will account for a lion’s share or $10.32 billion in gifts bought this Valentine’s Day.

But the sexes don’t shell out equally.

The survey found males expected to spend $113 buying clothing/lingerie and jewelry, in addition to flowers and candy for their significant other. This is more than twice the $52-average surveyed women planned to spend on their better halves. While flowers and candy top the male shopping list, clothing/lingerie sales are the only category to show annual increases since the recession ended in January 2009.

Women’s lingerie is the most common item purchased in the clothing category which will account for the majority of the $1.5 billion spent by consumers this Valentine’s Day. Among the consumers surveyed, nearly 15% of men between the ages of 18 and 65 planned to spend an average of $83 on clothing/lingerie for their significant other. This should benefit specialty stores like Victoria’s Secret and local adult boutiques.

Dylan Ribble, owner of Seductions Lingerie in Fayetteville, said Valentine’s Day business tops Christmas volume in the adult boutique, as Cupid’s holiday is all about love.

“Customers are often looking for a wide range of products including lingerie and adult novelty items, but we also carry high-end perfumes and handbags, everything is on the table for Valentine’s Day,” Ribble said.

For most of the year the adult boutique caters to women. But around Valentine’s Day, Ribble said more men routinely frequent the store. Seductions is open 24 hours a day, seven days a week, which Ribble says allows customers to shop whenever they feel like it. “Being in a college town it’s not usual to see young folks out very late. The store sometimes becomes an entertainment venue for them,” he said.

AnythingResearch, a Massachusetts-based marketing firm, notes that Valentine's Day is second only to Christmas for peak lingerie purchases. “ For fiscal 2011, US lingerie sales including bras and sleepwear, etc. totaled nearly $1.4 billion,” director Amy Lechner, said in an e-mail.

FOR HIM

While sexy lingerie could be construed for his enjoyment, female shoppers will dole out an average of $52 for their significant other. Candy tops the female shopping list this Valentine’s Day,  but 15% percent of women surveyed will buy flowers for their beau. In total, flowers are a $1.88 billion business on Valentine’s Day. Candy sales are expected to top $1.5 billion.

Among national flower retailers there are concerted marketing efforts toward sending men flowers this Valentine’s Day. FTD's website features a "For Him" section, complete with a vase of dyed roses to match fan gear for teams like the Arkansas’ Razorbacks.

The national online retailer 1-800-Flowers.com offers a wide range of sugary confections and food gift baskets “for him” this Valentine’s Day in addition to lucky bamboo plants and Bonsai trees.