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Slumping Economy May Take Toll On Valentine's Day

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Feb 11, 2009 12:20 pm US/Eastern

Slumping Economy May Take Toll On Valentine's Day

(KDKA) The slumping economy is expected to take a toll on this year's Valentine's Day celebrations.

However, retailers are hoping consumers could use a little cheering up as the romantic day approaches and in turn stores will see some green.

Duquesne University's Dr. Audrey Guskey says that this year, the sale of luxury items will be hardest hit. Instead, people will be buying up smaller items like candy and cards.

"The key this year is people are going to be getting more token items, small tokens of someone's affection as compared to something very large and very expensive," said Dr. Guskey.

She says this year there will be a lot less spending across the board.

"If you look at how much people spent last year on Valentine's Day, the average was about $122. This year it's only $102," said Dr. Guskey. "That may not sound like a lot, but it's really the first time we've ever seen a decrease as far as spending for any major holidays, especially Valentine's Day.

"So we're still looking at $14.7 billion, but overall the economy is taking a huge hit and we always hope these holidays put us over the edge," she added. "Steelers and the Super Bowl did, but I don't think Valentine's Day will."

Meanwhile, Guskey also says men usually spend more on gifts than women.

"Typically men spend more than women, significantly more," she said. Women will buy things for their kids, dogs, teachers, schools. But guys are pretty much stuck buying to their sweethearts, their wife."

And as far as what women are looking for, some of the top gifts are:

  • Flowers or living plants
  • Candy, especially chocolate
  • Candles
  • Gift certificates for time at a health spa or a sport event
  • Lingerie or sexy underwear
  • Jewelry
  • A romantic drive
  • A weekend away
  • A romantic dinner or picnic
  • Perfume or cologne
  • An evening at a local theatre production or watching a romantic movie
 

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