A new report from industry research firm IBISWorld says retail spending for Valentine’s Day this year will top $18.6 billion, a 5.8 percent jump over 2010.
“Luxury spending is already on the rise, so it will come as no surprise that bracelets, earrings, necklaces and rings will be the go-to gift choice for many Americans, IBISWorld retail industry analyst Nikoleta Panteva says in a statement. “This year, IBISWorld expects jewelry to make up 7.8 percent of all Valentine’s Day sales, making its way back to pre-recessionary levels.”
The boost in Valentine’s Day spending will cover everything from the traditional candy and flowers to jewelry and romantic getaways. Floral purchases are projected to grow by 16.8 percent, jewelry by 11.3 percent, romantic getaways by 5.7 percent and candy sales by 5.1 percent. Spending on greeting cards, dining out and clothing and lingerie will also see increases this year.