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Valentine’s Day jewellery spending to touch $6.4 billion: NRF

US shoppers will spend $6.4 billion on jewelry this Valentine’s Day, setting a new record for the segment, the National Retail Federation (NRF) predicted.

That will make it the biggest category for consumer spending by value, ahead of flowers, clothing and an evening out, the NRF said Monday. That figure is 16% higher than the $5.5 billion consumers were set to spend on jewelry for the holiday a year ago.

Overall outlay on gifts for loved ones will come to $25.8 billion, the NRF projected — on par with the estimate it released ahead of Valentine’s Day last year, and the third-highest figure since the NRF and Prosper Analytics began conducting their annual survey in 2004.

“Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” said NRF CEO Matthew Shay. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”

More than half of US consumers said they would celebrate the holiday in 2024, the NRF noted. Of those looking to spend, the average consumer will shell out $186, a 4% decrease from last year, but nearly $8 more than the average that people have spent on Valentine’s Day over the last five years. The slight decrease in spending is attributable to the fact that while last year consumers bought gifts for all the special relationships in their lives, including friends, pets and coworkers, this year they planned to prioritize significant others, the NRF explained. The federation forecasts that total spending on partners would reach a record $14.2 bn

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