Spending is in the air

● Valentine’s Day this year looks very different from a decade ago, according to Katherine Cullen, director of industry and consumer insights at the National Retail Federation in the US, the world’s largest retail-trade association.

“Ten years ago, more than 60% of adults planned to celebrate Valentine’s Day. Today, that’s dropped to just over half,“she says in a report. At the same time, spending continues to rise and is projected to reach more than $20bn this year.

Valentine’s Day contributed about $19.6bn last year to the US economy, according to the National Retail Federation.

Little more than half of those under 55 plan to celebrate this year, as consumers consider the “holiday” over-commercialised, don’t have anyone to celebrate with, or simply aren’t interested.

Even so, many consumers — particularly younger ones — like treating themselves to something special, or getting together with their single friends and giving “anti-Valentine’s Day” gifts.

Those who do mark the day are spending more than ever. In the 10 years since 2009, the average planned spend rose by $60. — Adele Shevel