Cupid wants your money, and he’ll get more of it than ever this Valentine’s Day.
John Smith of Alexandria, Va., plans on dropping about $400 treating his wife to flowers, jewelry and dinner.
And he isn’t the only one splurging.
Consumers are expected to spend more this Valentine’s Day than in the last 10 years, making February’s ode to Cupid second only to the Christmas season in consumer spending, according to a National Retail Federation survey of more than 8,000 people, conducted by consumer surveyor BIGinsight.
Those celebrating Valentine’s Day will spend an average of $126.03, up 8.5% from 2011 and the most since NRF began the survey 10 years ago.
Total spending is expected to reach $17.6 billion.
The ever-growing popularity of e-commerce is contributing to an increase in sales around holidays, says Megan Donadio, retail strategist at consulting firm Kurt Salmon, adding that the Web makes it easy to shell out for the discounts and daily deals consumers love.
Mobile apps also are vying for a share of shoppers’ hearts.
Read the whole story: USA Today
Leave a comment below and continue the conversation.