Valentine's Purchases Expected to Remain Steady
Retailers will see only a slight dip in Valentine's Day spending this year, according to a recent survey by Discover.
Those who plan to buy gifts for a significant other expect to spend an average of $86.90, down only $1.60 from last year.
The Riverwoods, Illinois-based financial services firm surveyed 1,000 people in mid-January and found that 56 percent of respondents plan to spend the same amount as last year, while 13 percent plan to spend more. Of the 20 percent who plan to spend less, the majority cite the economy and having less money as the reasons.
While 51 percent of consumers said deep discounts could convince them to spend more, 57 percent said they would not switch to less expensive options to save money.
That's good news for Lake Champlain Chocolates, a privately-held chocolate-maker. Allyson Myers, director of sales and marketing, said they do not plan to discount, as they are a premium brand. But she expects that people will continue to make room in their budgets for chocolate.
"Chocolate makes people happy—it's an emotional product," she said.
Furthermore, Myers points out, it can be purchased at a variety of price points: "You can pay either $3 for a chocolate bar or $100 for a nice gift basket."