NEW YORK--(BUSINESS WIRE)--With Valentine’s Day upon us, consumers are busy shopping for loved ones. According to the International Council of Shopping Centers (ICSC), this holiday, 33% of adults in the U.S. plan to buy chocolate or candy, 19% will buy flowers and 5% plan to buy jewelry. Of those consumers planning to spend money on Valentine’s Day-related purchases, spending will average $96 per adult.
Further, the adults who plan to buy jewelry for Valentine’s Day have spent or will spend an average of $191.80, the adults who plan to buy flowers have spent or will spend an average of $34.90 and the adults who plan to buy chocolate and candy have spent or will spend an average of $21.50.
Falling gas prices could help to fuel spending this Valentine’s Day, as more than half of American adults (51%) feel they have more money to spend, compared to only 42% in an ICSC survey conducted one month ago. Generally, younger consumers surveyed feel that they have more money in their pocket than older consumers.
“January and February have been growing in importance on the retail sales calendar, particularly through Super Bowl and Valentine’s Day sales and promotions. This is highlighting that retailers are doing a better job of spreading out sales across the yearly calendar,” said ICSC spokesperson Jesse Tron. “We also continue to see the importance of the physical store as many consumers will take an omni-channel approach to shopping this Valentine’s Day.”
The survey found that a large portion of Valentine’s Day purchases will occur in brick-and-mortar stores: shoppers plan to buy 89% of chocolate/candies, 88% of cards/decorations, 74% of flowers and 70% of jewelry in stores.
Additionally, many consumers will participate in omni-channel shopping for Valentine’s Day with the majority of consumers picking up their online purchases in a store – 64% of online jewelry purchases will be picked up in-store, along with 67% of chocolate/candies and 51% of flowers.
Founded in 1957, ICSC is the premier global trade association of the shopping center industry. Its more than 67,000 members in over 100 countries include shopping center owners, developers, managers, marketing specialists, investors, retailers and brokers, as well as academics and public officials. For more information, visit www.icsc.org.