US to spend $20 billion for Valentine's Day

NEW YORK

Americans are expected to spend almost $20 billion on Valentine's Day this year, according to the National Retail Federation (NRF).

Dinner, flowers, jewelry, candy and chocolates will be among the items U.S. consumers are expected to spend $19.7 billion on this Feb. 14, an NRF survey of nearly 7,300 people found.

Each American is projected to spend $146.84 on average on loved ones -- an increase of 3.2 percent on last year.

According to the survey, 50 percent of Americans are planning to buy candy and chocolates -- accounting for $1.7 billion nationwide -- while 38 percent will blow a total of $4.5 billion on a restaurant date.

Almost half said they would buy a Valentine’s card for their significant other and family members, amounting to $1.1 billion.

An additional $4.4 billion will be spent on jewelry and around $2 billion will go on clothing and $1.9 billion on flowers.

NRF President and CEO Matthew Shay said in a statement that low petrol prices had benefitted American consumers.

“Low gas prices and guaranteed promotions from retailers large and small should help consumers as they look for the perfect gift for their friends and family,” he said. “Looking ahead, we’re optimistic consumers are in a good place when it comes to spending on discretionary items like gifts.”

Shay said Valentine’s Day could prove to be a boost to the U.S. economy.