Consumers Embracing Non-Traditional Ways to Mark Valentine’s Day
The NRF’s annual survey shows that consumer attitudes about how, or even whether, to celebrate Feb. 14 continue to evolve.
NRF conducted the survey between Jan. 3-11, polling 7,616 U.S. adult consumers.
Jewelry was the sixth most popular gift to give mentioned by survey-takers, behind the Valentine’s Day standards of candy (57 percent), greeting cards (40 percent), flowers (37 percent), an evening out (32 percent), and a gift of experience, meaning concert tickets, a spa day, skydiving, etc. (32 percent).
Twenty-one percent of consumers polled said they plan to give jewelry as a gift, with total spending potentially topping $5.5 billion.
Jewelry topped both gift cards (20 percent) and clothing (19 percent) as Valentine’s Day gifts this year.
The NRF’s survey also showed consumer attitudes about whether to celebrate Valentine’s Day, as well as how and with whom, continue to evolve in lockstep with attitudes about traditional romantic relationships.
The percentage of survey-takers who said they plan to celebrate Feb. 14 continues to hover around 50 percent (52 percent this year, down slightly from 53 percent last year), as it has for the past decade.
The last time the percentage of Valentine’s Day devotees topped 50 percent was 2013, when it stood at 60 percent.
However, a not-insignificant percentage of respondents said they plan to observe the day in a less traditional manner.
According to the NRF, 28 percent of the survey-takers who said they don’t plan to officially celebrate Valentine’s Day will still mark the day in some way, by seeking out non-Valentine’s Day gifts, treating themselves to something special, or planning a get-together or evening out with single friends and/or family members.
Meanwhile, those formally celebrating Feb. 14 plan to spend more money on people (or animals) who aren’t their significant others this year.
The average amount consumers plan to spend this Valentine’s Day is $192.80, up about $17 when compared with last year ($175.41).
While the average planned spending on gifts for significant others and family members held steady around $130, the amount people plan to spend on pets, friends, coworkers and their children’s teachers and/or classmates rose to $52.65 from $38.36 last year.
Some other points of note from the NRF’s Valentine’s Day survey:
-- Consumers ages 35 to 44 plan to spend the most of any age group, an average of $335.71 for gifts and other Valentine’s Day items;
-- The top shopping destination for Valentine’s Day gifts is online (35 percent), followed by department stores (34 percent), discount stores (31 percent) and specialty stores (18 percent);
-- More than half of consumers surveyed this year said they plan to take advantage of any sales or promotions; and
-- The percentage of consumers planning to give a gift of experience (32 percent) is up from 26 percent last year and 24 percent in 2021—when the pandemic hampered people’s ability to get out—and the highest since the NRF started asking about experiences-as-gifts in 2017.
Sotheby’s will auction the diamond, which it says is “arguably the most significant pink diamond to ever appear at auction,” in June.
The retailer, recently acquired by Signet Jewelers, will lay off 119 employees in July.
The Swiss watchmaker introduced 17 new models at Watches & Wonders Geneva.
Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
As part of the promotion, Smith will share his sales expertise during a 90-minute training session.
At Watches & Wonders, the Swiss brand unveiled a follow-up to last year’s Tonda PF GMT Rattrapante.
The “rêve” collection’s engagement rings and wedding bands are geared toward “sustainability minded customers.”
De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
A new word appears on the dial each day of the week.
Bensons Jewelers closed for good Feb. 24, impacted in part by the decline in foot traffic downtown since the onset of the pandemic.
Kolja Kiofsky has been with the crystal and jewelry company since 2010.
The Kruse GWS Auctions sale will include the replica “Taj Mahal” necklace Elizabeth Taylor made with Avon as well as a costume piece Marilyn Monroe wore.
Massimo Basei is moving up, while Chief Commercial Officer Martino Pessina is stepping down.
AGTA GemFair and the Denver Gem & Mineral Show also will have a presence on the show floor.
Sold by Christie’s Hong Kong, this masterwork of complications now holds the record for most expensive watch ever auctioned online.
The watch company expects first-quarter sales to fall as much as 15 percent due to inflation and tough comps.
Adam O’Grady, general manager of the Lightbox Lab, has taken on the new role and will report directly to Lightbox CEO Antoine Borde.
The watch marketplace gathered data from 1.3 million collectors, highlighting the most popular timepieces and exploring value appreciation.
Burgundy has opted not to exercise its option to buy the mining claims Gibb River Diamonds currently owns.
Patented and specialty cuts now can receive an 8X Proprietary Certificate, which can be customized to include a company’s brand and logo.
The organization said it will recognize those who exemplify the idea that doing good is good business.
Kendall Jenner once again is fronting the French brand’s campaign, joined by model and dancer Alton Mason.
The CEOs of Signet, Helzberg, and GIA spoke on a water conservation panel, and had lakes named in their companies’ honor.
Sales of the sleek sterling silver and diamond design will go to nonprofit organization charity: water.
Expected to earn up to $4.5 million, the “Jarretière” bracelet is the star of Christie’s “The Magnificent Jewels of Anne Eisenhower” sale.
With jewelry sales coming down from their pandemic highs, retailers need to do all they can to retain existing customers, Peter Smith says.
Jewelry historians, authors, and experts will explore the works of Tiffany & Co., Oscar Heyman, Verdura, and more.