Retailers expect record Valentine's Day spending in 2016
TYLER, TX (KLTV) - It's the first major holiday of 2016, and retailers expect this Valentine's Day will set a spending record.
Almost $20 billion will be spent this Valentine's Day according the National Retail Federation, which also states $146.84 is the average amount people will spend this holiday.
"We can expect what is probably the biggest holiday we've ever seen," U.T. Tyler Center for Retail Enterprises director Robert Jones said.
Spending on the usual items like flowers, jewelry, and chocolate, which tops the list. For some in East Texas, they're still looking for that perfect gift.
"Try and be creative, try and do something different every time, just the tradition of showing my wife that I love her," Luke Griffin said.
Jones said Valentine's Day is a unique holiday for homegrown businesses.
"It's a local holiday, people aren't buying on the internet and having things shipped to them, people are visiting their local retailer, they're going to a local restaurant, they're buying flowers in a local shop," Jones said.
The NRF added that shoppers will spend 3 percent more this year than Valentine's Day 2015. But it's the thought that counts. Ashley Napier reflected on her first Valentine's Day with her husband seven years ago.
"He made me this big breakfast with these heart shaped pancakes, and got me a really pretty necklace with earrings and a huge teddy bear," Napier said.
Jones said experiences like concerts, movies, or weekend trips are also becoming popular for valentine's. He added that Americans feel confident in the economy, enticing them to spend a little more on their loved ones.
"Expect stores to be crowded, lots of people around, this year's going to be a little different event for us people really feel good and they want to go out and celebrate," Jones said.
He added this Valentine's Day should hold retailers over until the next big holidays which are Easter and Mother's Day.
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