The staff at Stevens and Son Wholesale Florist in Arvada is busy preparing for Valentine’s Day. Nonetheless, a cold economy will overshadow warm hearts this year, as spending for the holiday is projected to be flat compared with last year.
The average American will spend $103 on the holiday, almost unchanged from last year’s $102.50 and down from $123 in 2008, according to a survey by BIGresearch and the National Retail Federation.
“The economy has forced consumers to rethink their gift-giving practices,” said Phil Rist, executive vice president of BIGresearch. “Personal and unique gifts will speak volumes as consumers dig deep into their hearts and not their wallets.”
Men will spend nearly twice as much as women — $135 vs. $72 — and will increasingly favor practical gifts such as winter clothing. Spending on jewelry and dining is expected to be down from last year.
An estimated 58 percent of men will give flowers to their sweeties, compared with 14 percent of women.
The most popular retail destinations will be discount stores, favored by 41 percent of shoppers, followed by department stores at 31 percent and specialty stores at 21 percent.
Steve Raabe, The Denver Post
