Americans' low confidence in economy doesn't affect Valentine's Day spending
Average percent of consumers planning to buy gifts rises
PEMBROKE PARK, Fla. – Although the holiday season has come to an end, the spending doesn't seem to be stopping anytime soon.
According to Prosper Business' consumer snapshot, consumer sentiment in adults 18 or older has dropped 15 percent since January 2015. That means only 42.5 percent of adults are confident or very confident in the economy after this holiday season.
This year has broken the three-year January trend of increasing sentiment, but with Valentine's Day swiftly approaching, Americans all over are still gearing up to spoil that someone special.
Although more women plan on celebrating Valentine's Day -- an average of 56 percent to 53.7 percent for men -- men spend more money on significant others, friends, children's classmates or teachers, co-workers and even pets, totaling an average of $500.
According to a monthly consumer survey by the National Retail Federation, the average percent of consumers who plan to buy gifts for their significant others has risen from 85.76 percent in 2014 to 96.63 percent in 2015, with the help of increasing technology options like smartphones and tablets.
A combined average of 58.4 percent of adults plan to use their smartphones or tablets when researching or comparing prices this Valentine's Day. Also, many retailers such as Zales and Victoria's Secret are using technology to their advantage by providing "online exclusives."
This may come off less romantic than taking the time to hand pick a gift for that special someone, but it does allow for more time spent with one's significant other.
Call Christina team member Camille Gayle contributed to this report.
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