MIAMI (CBSMiami) — It looks like Valentine’s Day may be a bit cheaper for some this year.
With each year going up when it comes to spending for the special day, this year shoppers are expected to spend a bit less – about $136.57, down from last year’s record high of $146.84, according to the National Retail Federation.
U.S. consumers are expected to spend a total of $18.2 billion for this year’s day of love.
Despite the drop, the group says tightened purse strings don’t mean it won’t still be a popular gift-giving day.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” NRF President and CEO Matthew Shay said. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
As for the breakdown, consumers plan to spend an average of $85 on their spouse and about $26 on other family members like children. Oh and about $5 on pets.
So where would all that cash go for loved ones?
According to the group’s survey, the majority of it will go to jewelry followed by an evening out and flowers. Also popular this year are “gifts of experience” like concerts, sporting events, and outdoor activities.
The survey asked 7,591 shoppers and was conducted in January. It has a margin of error of plus or minus of 1.1 percent.