February 1, 1999
Consumers Spend Less for Valentine's Day
Promotionally priced jewelry may be the key to success for the upcoming Valentine's Day, as consumers scale down their budgets for the holiday.
A survey by the International Mass Retail Association predicts a 3% rise in sales compared to 1998, but consumers will spend less this year. Male respondents plan to spend an average of $87, while women budget an average of $42. Only 10% of male respondents say they'll buy jewelry for their sweethearts, but 27% of them plan to shop at specialty stores compared to 26% who will shop at discount department stores.
Like at Christmas, the shopping rush will be later this year, the survey shows. One-quarter of male respondents said they plan to buy their gifts on Valentine's Day or the day before.
- by Stacey King