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Consumers spend a lot on Valentine’s Day, and this year is no exception. According to 2016 research, the largest shares of gift spending will go toward evenings out and jewelry.
The National Retail Federation (NRF) and Prosper Insights & Analytics surveyed 7,293 US internet users ages 18 and older and asked them how much they plan to spend on Valentine’s Day gifts. In total, an estimated $4.50 billion will be spent on an evening out, and $4.45 billion will be spent on jewelry. Additionally, $2.02 billion will be spent on clothing and $1.99 billion on flowers.
The survey also looked at which locations or channels US internet users plan to purchase Valentine’s Day gifts from. More than one-third (34.5%) of respondents said they plan to purchase from department stores and 31.0% plan to purchase gifts from discount stores.
Online rounded out the top three shopping destinations.
A separate January 2016 survey from RetailMeNot looked at the cost of love and how much internet users spend on a first date, by method of initiation. For example, if a date was initiated through an online dating site like Match.com, US internet users spent an average of $24.30 on the outing. If it was set up through a mobile dating app like Tinder or Bumble, then the date averaged to $19.20.
However, if the date was initiated via offline methods, then the average amount spent was higher than online. Indeed, internet users spent an average of $46.10 if the date was initiated through mutual friends or relatives. Even if the date was initiated through a social setting, the average amount users spent was $35.20.
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