Premium ContentMouse over Home then click on Premium Content for information.Last year, Omahan Quincy Welchen and his wife agreed not to spend a lot on each other for Valentine's Day.
But this year, Welchen, 32, is making payments to a local jewelry store to show his wife he loves her. He said he might even throw in a spa day, too.
"I'm spending more because I'm making more," Welchen said.
Consumers' confidence may be one of the reasons they're dishing out more for the holiday of love this year than during the past several years. According to a survey conducted for the National Retail Federation, the average person celebrating Valentine's Day this year is expected to spend more than $126, up 8.5 percent over last year and the most in the last decade. Total spending is expected to reach $17.6 billion.
Matthew Shay, the retail trade group's president and CEO, said it's encouraging that consumers are exhibiting the desire to spend on discretionary gift items.
He said it's "a strong indication our economy continues to move in the right direction."
The retail trade group's annual survey conducted by BIGinsight surveyed 9,317 consumers in early January.
Like Welchen, nearly 19 percent of those celebrating the holiday will splurge on jewelry for someone special, up from 17.3 percent last year and the highest percentage in the survey's history. Total spending on jewelry is expected to reach $4.1 billion, up from $3.5 billion last year.
Gift cards will remain a top buy. But more than 50 percent of celebrants will buy candy, 36 percent will buy flowers and more than 35 percent will treat someone to a nice evening out.
The average person is planning to spend $74.12 on a spouse or significant other, up from $68.98 last year. The survey also found the average male expected to spend $168.74 on clothing, jewelry, greeting cards and more this year — nearly twice as much as women, who are expected to spend an average of $85.76.
"It's nice to splurge a little for my wife," Welchen said.
Contact the writer:
402-444-1336, leia.mendoza@owh.com
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