The National Retail Federation has said that Valentine’s Day revelers are projected to spend a total $703 million on gifts – just for their pets. UPI reports:
The federation said its Valentine’s Day Consumer Spending Survey, a poll of 6,375 U.S. consumers conducted by Prosper Insights and Analytics, found one in five of those questioned Jan. 6-13 said Cupid’s arrow struck them in the part of their heart reserved for furry companions.
The NRF said respondents said they plan to spend an average of $5.28 on Valentine’s gifts for their pets, amounting to a total $703 million.
“It’s great to see consumers coming out of their shell this year, looking to spend discretionary budgets on those they love once again, though I fully expect many to continue to look for ways to cut costs where they can,” said Pam Goodfellow, Prosper’s principal analyst. “While many will splurge, some will still look for simple and affordable ways to show their appreciation for friends and family and celebrate in a way they are most comfortable with.”
The NRF survey, which had a margin of error of plus or minus 1.3 percentage points, suggested the average person giving Valentine’s gifts will spend $142.31 on flowers, candy, jewelry and more for a total of $18.9 billion, up from the $133.91 per gift-giver projected by last year’s survey.