Valentine's Day falling on a Saturday and low fuel prices will both contribute to increased sales this year. IBISWorld estimates that total holiday spending, including gifts and weekend getaways, will increase 3.8 percent from 2014.
According to the U.S. Department of Commerce, total retail sales from October to December in 2014 were up 4.1 percent, indicating that shoppers are increasing how much they spend on loved ones as the economy continues to grow. The average amount consumers will spend this Valentine's Day is expected to be $139.70, up from $134.56 in 2014.
Men will spend more than double what women will spend, according to online retail marketplace Rakuten's Shopping Secrets survey, an average of $104 compared to women's $45.
Spend in all categories will be up, but especially in jewelry, with an expected 5.6 percent increase. Dining out and flowers will also increase quite a bit, 4.3 percent and 3.3 percent respectively.
Revenue from candy will rise 3 percent, maintaining its position as the category with the most consistent growth over the past five years. Sweets are continually popular due to their availability and varied pricing. According to the National Confectioner's Association, 75 percent of Valentine's Day candy sales come from chocolate.
Greeting cards are expected to have the slowest growth from last Valentine's Day, rising just 1.5 percent.
In 2014, department store retailers were the holiday's big winners, as consumers spent 34 percent more on e-commerce websites than they did in 2013. The percentage of shoppers on smartphones and tablets also increased, with 45 percent of Valentine's Day sales coming from mobile.
-See this IBISWorld press release
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