By Adrianne Pasquarelli, Crains
Girlfriends, boyfriends, husbands, wives beware. Your sweetie may be skimping on your Valentine’s Day gift this year. Couples plan to spend almost 6% less on gifts for their significant others this year, according to an annual spending survey conducted by the National Retail Federation. The average person is expected to spend about $63.34 on his or her partner, down from $67.22 last year, as consumers tighten their wallets and cut back on spending.
“Rather than not give anything at all, consumers will instead focus on small, thoughtful gifts for the people who mean the most to them,” said Tracy Mullin, president of the NRF, in a statement.
Yet while couples scale back, the monetary amounts of gifts for friends, co-workers and pets have increased this year. In fact, people will spend about $3.27, 50% more than last year, on their furry friends, the survey reported. Good news for pet-centric businesses, such as the recently launched Playground Pups, a dog hangout on the Upper West Side, and Big Apple pet store Petopia. As with other years, men are expected to spend almost double what women spend on Feb. 14. Cards, candy and flowers emerged on the survey as popular, yet traditional, gift choices.
Meanwhile, market research firm IBIS World conducted its own analysis of the popular holiday and found that restaurants will be the big winner. The firm expects consumers will spend more money at eateries, rather than retailers, because Valentine’s Day falls on a Sunday this year and in the middle of Presidents’ Day weekend.
“Restaurants are likely to gain traffic throughout the entire weekend,” said Toon van Beeck, a senior analyst at IBIS, in a statement. “Because Presidents’ Day is on the following Monday, many consumers will be able to travel over the three-day weekend, further boosting restaurant sales,” he noted.


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