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Valentine's Day Means Big Business

CBS News takes a look at the upcoming holiday by the numbers, including how much the average consumer is expected to spend and what people are expected to buy.

A CBS News report says 60 percent people plan to celebrate Valentine's Day this year. 

That number comes from the National Retail Federation, which says the average consumer will spend $130, with 51 percent gifting candy, 36.6 percent buying flowers and 19.7 percent springing for jewelry — about $4.4 billion worth. 

The National Retail Federation, the world’s largest retail trade association that represents retailers from the United States and more than 45 countries abroad, estimates total Valentine's Day spending on cards and gifts this year at $18.6 billion — with consumers spending $10.5 billion on a significant other, almost $3.8 billion on gifts for other family members and even $815 million on pets.

Are you part of the 60 percent who plan to celebrate Valentine's Day this year? If so, who's on your list to shop for and what will you be giving? Tell us in comments below. 

 

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