Economy not slowing down Valentine's Day spending

PriceGrabber, a part of Experian, just released the results of its 2011 Valentine's Day consumer spending survey. The data, resulting from a recent survey of 2,458 U.S. online consumers who plan to spend money on a Valentine's Day celebration, revealed that even though the economy will not impact the Valentine's Day purchase decisions for many consumers, they still are not planning to spend more on the holiday than last year.Data also shows differences between the types of gifts purchased by men and women, as well as the recipients on their gift lists. Economy does not impact Valentine's Day spending for many consumers An uncertain economy has made a significant impact on retail spending over the past few years, but this trend may be ending. According to PriceGrabber survey data, 52 percent of Valentine's Day shoppers indicate that the economy will not have any effect on their purchasing decisions for Valentine's Day 2011. Consumers do not plan to spend more on Valentine's Day this year While many consumers report that the economy will not affect their Valentine's Day purchasing decisions this year, the majority of consumers still are not planning to increase their spending compared with last year. Seventy-eight percent of survey respondents indicate they will not spend more money on Valentine's Day shopping this year compared with last year. The remaining 22 percent of consumers plan to spend more on Valentine's Day shopping this year. Significant differences in the most popular purchases for men and women Survey respondents also were asked how much money they plan to spend and what they plan to spend on during their Valentine's Day celebration, which revealed some significant differences in products purchased by each gender. The most popular Valentine's Day expense among women was greeting cards, with 62 percent of female Valentine's Day shoppers planning to purchase greeting cards this year. Forty-two percent of female shoppers anticipate spending money on an evening out, and 26 percent will purchase candy. For male survey respondents, the most popular Valentine's Day expense was an evening out, selected by 53 percent. Forty-five percent of male respondents plan to spend money on greeting cards. Forty-five percent plan to spend money on flowers, and 18 percent plan to spend money on candy this Valentine's Day. Women are more likely to purchase Valentine's Day gifts for their nonromantic relationships The difference in the Valentine's Day items purchased by each gender may be attributed to the gift recipients on their lists. While both male and female Valentine's Day shoppers plan to spend money on significant others, women are more likely to make Valentine's Day purchases for family, friends and pets. Among female respondents who plan to spend money on Valentine's Day this year, 73 percent plan to spend money on a significant other. Fifty-two percent plan to spend money on family, and 13 percent plan to spend money on friends. Six percent plan to spend money on pets. Of the male respondents who plan to spend money on Valentine's Day this year, 95 percent plan to spend money on their significant other. Eighteen percent plan to spend money on family. Five percent plan to spend money on friends, and two percent plan to spend money on pets. The survey was conducted from Jan. 12 to Jan. 26, 2011.

********** Published: February 03, 2011 - Volume 9 - Issue 42