Retailers are feeling the love this Valentine’s Day as consumer spending is expected to rise. According to the National Retail Federation (NRF), an 11% growth in spending on Valentine’s Day merchandise is expected. The spending increase will jump from an average of $103 per person to $116 per person.
The NRF points out that as a result of this increase, consumers will spend $1.5 billion on candy for the holiday. Honey will play a role in this year’s holiday as more candy manufacturers are using the ingredient as an all-natural sweetener. Honey can be found in a variety of Valentine’s Day staples ranging from jellybeans to gourmet chocolates.
“Having surpassed expectations during the holiday season, it seems consumers are not done spending on gifts, which bodes well for the economy,” says Matthew Shay, NRF President and CEO. “Jewelry, candy and apparel sales should provide a nice boost for retailers during typically slower months of January and February.”
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