Valentine's Day spending up by $500M

The National Retail Federation released the results of its 2006 Valentine's Day Consumer Intentions and Actions Survey, conducted by BIGresearch.

Per-consumer spending is up slightly from $97.27 last year, with 60.9 percent of consumers planning to celebrate the holiday. Total spending is expected to increase more than a half-billion dollars from $13.19 billion in 2005.

Men will be the biggest spenders, with the average male spending $135.67, nearly double the $68.64 the average female will spend. Fewer men will buy flowers, at 52.3 percent compared to 57.8 percent last year, and more will be purchasing jewelry, 22.4 percent compared to 18.1 percent in 2005.

Greeting cards remain popular with both male and females, as 62 percent of consumers plan to purchase at least one card for the holiday. Close to half of consumers will buy candy, and 42 percent will spend an evening out with their sweetheart.

According to the survey, consumers will dedicate the bulk of their Valentine's Day budget to buying for their sweetheart, with the average person spending $64.63 on their significant other or spouse. Consumers also plan to spend $20.74 on other family members, $5.06 on friends, $3.52 on children's classmates and teachers and $2.56 on co-workers.

Middle-aged consumers - ages 45 to 54 - will be the most generous this year, spending $128.78 each, up from $118.11 last year and $88.96 in 2004. Young adults continue to cut their holiday expenses, each spending $81.89 this year, down from $83.50 last year and $154.65 in 2004.

The survey was conducted Jan. 1-11 and polled 6,618 consumers, with a margin of error of plus or minus 1 percent.