Spending Will Remain Steady With Consumers Planning to Spend An Average of $86.90; Men Will Continue To Outspend Women By More Than Double
RIVERWOODS, Ill.--(BUSINESS WIRE)--
Discover® Card today released the results of its fourth
annual Valentine's Day Shopping Survey, which highlights consumer
shopping trends and intentions for the upcoming holiday. The poll also
revealed insights as to why some consumers may spend differently this
year.
Economic Conditions Hardly Sway Purchase Intent
According to the results, respondents who plan to buy a gift for their
spouse or significant other this Valentine's Day will spend an average
of $86.90, whereas last year they reported spending $88.50 – a decrease
of two percent. Men who plan to purchase a Valentine's Day gift intend
to spend an average of $118.30 on their significant other, down slightly
from last year's average of $125.30. Women said they plan to spend an
average of $49.80, up from $44.50.
Only 13 percent of respondents plan to spend more on Valentine's Day
this year than last. More than half (56%) said that they will spend
about the same, and 20 percent said they will spend less. Those who
intend to spend less noted that their concerns about the economy (64%)
and cited having less money (68%) as reasons. Ten percent of all
respondents felt it would be understandable not to exchange Valentine's
Day gifts this year, given the challenging economy.
Fifty-one percent of respondents said that deep discounts, such as 50 to
75 percent, might influence them to spend more this Valentine's Day.
Twenty-nine percent said that incentives like free gifts with purchase
may encourage them to do so. Interestingly, more than half of
respondents (57%) said they would not consider switching to less
expensive options to save money, such as store-bought chocolates rather
than gourmet, or carnations rather than roses.
“Despite the economy, consumers still intend to treat their loved ones
to something special this Valentine's Day. They're spending a little
less and are looking for more savings opportunities, but their
intentions are still good,” said Ryan Garton, director of customer
insights for Discover Financial Services.
When It Comes To Top Gifts, Men and Women Are On The Same Wavelength
Similar to previous years' findings, the majority of men surveyed (73%)
said they plan to buy their Valentine a special dinner. The next most
popular gift items men said they planned to buy were flowers (65%)
followed by candy or chocolates (51%). Men seem to be on the right
track, as more than half (56%) of female respondents said they are
hoping to receive a special dinner, flowers (48%) and candy or
chocolates (39%).
The largest percentage of female respondents (57%) said they also plan
to purchase their Valentine a special dinner, followed by candy or
chocolates (44%) and music, books, DVDs or games (37%). More than half
of male respondents (53 %) are hoping to receive a special dinner, a
night on the town (35%) and music, books, DVDs or games (31%).
“Discover offers cardmembers many ways to take advantage of savings when
making Valentine's Day purchases for their special someone,” said
Garton. “Through ShopDiscover.com, our online shopping portal,
cardmembers can receive an extra 5-20 percent Cashback Bonus ®
when they make purchases at retailers such as FTD.com, Red
Envelope, and Zales.”
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Top Gifts to Give and Receive
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HOT GIFTS: SHOPPERS’ INTENTIONS
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HOT GIFTS: RECIPIENTS’ DESIRES
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64% A special dinner (73% male vs. 57% female)
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55% A special dinner (53% male vs. 56% female)
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47% Candy or chocolates (51% male vs. 44% female)
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32% Candy or chocolates (24% male vs. 39% female)
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44% Flowers (65% male vs. 25% female)
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30% Flowers (12% male vs. 48% female)
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36% Music/books/DVDs or games (35% male vs. 37% female)
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29% A Night on the town (35% male vs. 23% female)
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35% A Night on the town (44% male vs. 27% female)
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27% Travel or weekend getaway (31% male vs. 24% female)
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30% Clothing or lingerie (36% male vs. 24% female)
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27% Music/books/DVDs or games (31% male vs. 23% female)
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29% Travel or weekend getaway (36% male vs. 22% female)
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18% Clothing or lingerie (18% male vs. 18% female)
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27% Jewelry (39% male vs. 17% female)
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17% Jewelry (8% male vs. 26% female)
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Valentine's Day Sentiments towards Giving and Receiving
When asked how they felt about purchasing a Valentine's Day gift, more
than a quarter of respondents (27%) said they love to do so and 31
percent said that it's an affectionate gesture but not really necessary.
On the other hand, when asked how they felt about receiving a
Valentine’s Day gift 17 percent of respondents said they love to and 37
percent said it's affectionate but not necessary.
About the Survey
The results of the Discover Card Valentine's Day Shopping Survey are
from a telephone survey conducted among a national probability sample of
1,000 adults comprising 500 men and 500 women 18 years of age and older,
living in private households in the continental United States.
Interviewing for this CARAVAN® Survey was completed during the period
January 15-18, 2009.
About Discover Financial Services
Discover Financial Services (NYSE: DFS) is a leading credit card issuer
and electronic payment services company with one of the most recognized
brands in U.S. financial services. The company operates the Discover
Card, America's cash rewards pioneer. Since its inception in 1986, the
company has become one of the largest card issuers in the United States.
Its payments businesses consist of the Discover Network, with millions
of merchant and cash access locations; PULSE, one of the nation's
leading ATM/debit networks; and Diners Club International, a global
payments network with acceptance in 185 countries and territories. For
more information, visit www.discoverfinancial.com.
Source: Discover Financial Services
Discover Financial Services
Mai Lee Ua
(224) 405-3082
