Study: Love's on a budget this Valentine's Day

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Study: Love's on a budget this Valentine's Day

Jewelry sales expected to drop 5.1 percent

February 03, 2009

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Los Angeles--Valentine's Day spending is expected to drop 4.8 percent to $28.6 billion this year compared with 2008, as lovers choose candy and cards rather than bouquets and bling, according to the latest research from IBIS World.

In fact, Valentine's Day spending will fall below the level of spending forecasted for the total U.S. retail sector over the first quarter of 2009, according to IBIS World.

"Valentine's Day is more of a discretionary occasion than Christmas and birthdays, which means it will be hit particularly hard by the current economic climate," IBIS World Senior Analyst George Van Horn said in a media release. "Tightening household budgets will make it difficult to justify splurging on loved ones this year, especially for couples with children who have just had to budget for the Christmas holiday."

IBIS World expects big-ticket items such as jewelry, expensive dinners, lingerie, roses and weekend getaways to suffer, as many couples forgo pricier gifts for a simple box of chocolates and a card, or such inexpensive ways to celebrate as cooking a romantic meal at home or writing a love letter or poem.

Jewelry sales, in particular, are expected to drop 5.1 percent to $1,475 million, compared with $1,555 million for Valentine's Day 2008, while greeting cards and candy sales will increase 1.1 percent and 0.9 percent, respectively, according to IBIS World.

"Overall, dining out is likely to still be the most popular way to indulge a loved one, representing 41 percent of overall Valentine's Day sales," Van Horn said.

Headquartered in Los Angeles, IBIS World is recognized as one of the nation's most trusted independent sources of industry and market research, offering a comprehensive database of trends and market analysis on every U.S. industry. For more information, visit the company's Web site, IbisWorld.com, or call (800) 330-3772.

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