The National Retail Federation has put out their annual predictions for Valentine's Day spending based on previous years data.
They found that this year, "U.S. consumers are expected to spend an average $136.57, down from last year’s record-high $146.84. Total spending is expected to reach $18.2 billion, down from $19.7 billion last year, which was also a record."
What That Means For You
Valentine's Day will still continue to be a popular gift-giving occasion, even if consumers are being more frugal this year. NRF President and CEO Matthew Shay says, "Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
So break out those RetailEdge discount rules, hang up those paper heart window displays, and show your customers you're there to help them find a way to show their loved ones they care!