Valentine's Day Boosts Consumer Spending
LOS ANGELES (CBS) — The average adult plans on spending $116.21 on Valentine's Day gifts and merchandise, 12.8 percent more than last year, according to a survey conducted for the National Retail Federation.
"Having surpassed expectations during the holiday season, it seems consumers are not done spending on gifts, which bodes well for the economy," said Matthew Shay, the president and chief executive officer of the federation, the world's largest retail trade association.
The survey conducted by BIGresearch found that Valentine's Day will be celebrated by 58.1 percent of the 8,913 adults polled, down from 59.6 percent last year.
"Though the economy will still be on their minds, Valentine's Day holds a special place in many Americans' hearts," said Phil Rist, executive vice president, strategic initiatives of BIGresearch.
The survey also found that 34.3 percent plan to buy flowers and 17.3 percent jewelry. One year ago, 35.6 percent of those polled planned to buy flowers and 15.5 percent planned to buy jewelry.
To find great flower deals in Los Angeles, visit California Flower Mall.
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