Research firm IBIS World, Los Angeles, expects consumer spending for
Valentine’s Day to shift from retail to foodservice, and while that doesn’t
necessarily mean that spending patterns adopted in the recession will suddenly
change in the recovery, it may demonstrate how not only restaurants but also
luxury retailers will struggle out of the economic dumps.
Overall sales for the holiday should improve by around three percent, IBIS
forecast, but the fact that Valentine’s Day falls on a Sunday shakes up
spending. Rather than the jewelry, flowers and candy they purchase for a weekday
incidence of the holiday, men will focus their spending on romantic dinners and
travel, IBIS notes, and men do the bulk of Valentine’s purchasing. Then,
President’s Day falls on the Monday following, which adds impetus to the travel
impulse.
IBIS expects Valentine’s related spending on dining out to gain eight percent to
$8.51 billion. Cash spent on romantic getaways should gain just over two percent
to $2.05 billion. IBIS anticipates that spending on greeting cards and
clothing/intimate apparel will increase equally at two percent to $784 million
and $1.13 billion respectively.
To read the rest of this story please go to:
Bnet.com