Feb 11, 2011

Gift Shops Feeling The Love As Valentine’s Day NearsBy Jon ChavezToledoBlade.com

The love, apparently, is back.

Indications are growing that total consumer spending this Valentine’s Day is going to be up nearly 7 percent over last year, with merchants divvying up a $15.7 billion heart-shaped financial pie.

“Having surpassed expectations during the holiday season, it seems consumers are not done spending on gifts, which bodes well for the economy,” said Matthew Shay, president and chief executive of the National Retail Federation.

The retail federation is forecasting that individuals will spend, on average, $116 to celebrate Valentine’s Day, up 13 percent over last year’s estimated $103 per person. Greeting cards will be the most popular option, with 52 percent of people interviewed in a retail federation survey indicating they planned to buy cards.

But 47 percent said they would buy candy, 34 percent will buy flowers or buy dinner, and 17 percent will buy jewelry.

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