According to Rapaport Diamond News, jewelry sales for valentine’s day is expected to drop by 4.6% when compared with the valentine’s day sales in 2009. This is according to data by the IBISWorld.
Jewelry sales this valentine is expected to be around US$ 1.3 billion, while total valentine day spending is expected to be about US$ 17.6 billion.
This year valentines day is falling on a Sunday, a weekend, therefore restaurants are likely to benefit from increased traffic. Toon van Beeck, senior analyst with IBISWorld said “Furthermore, because President’s Day is on the following Monday, many consumers will be able to travel over the three-day weekend, further boosting restaurant sales.”
Men usually buy candles, jewelry and flowers if the valentine’s day comes during the working days but usually prefer a romantic dinner out if it is during the weekends.
The prevailing uncertainty of the economy is expected to keep a lot of shoppers away.
According to data provided by the National Retailers Foundation (NRF), couples are expected to spend about $63.34 for spouse or others compared to US$ 67.22 in 2009. NRF expects the total valentine’s day spending to reach around $14.1 billion. NRF expects jewelry sales this valentine to account for approximately 15.5% of the total valentine’s day gift , down 0.5% from 2009.