• January 31, 2008

This Valentine's Day, consumers will spend less on the traditional gifts of candy, flowers, and jewelry, and instead find a special way to spend the night together, according to a new survey from the National Retail Federation.

While the average price tag of the day will be up slightly, to $122.98, compared with last year's $119.67, almost half of the 8,400 people polled (48.2%) say they plan to celebrate Valentine's Day with a special night out, compared to 45.3% last year. And while paper Valentines are still the most popular purchase, the number of people planning to buy a greeting card is down to 56.8%, from 62.8% last year.

Total spending for the holiday is expected to reach $17.02 billion, but the mix is slightly different. About 48% say they will buy candy--off a bit from 48.4% last year--and 35.9% say they will buy flowers, compared with 36.7% last year. And while 26.5% of men say they will purchase jewelry this holiday, that's a slight decrease from 27.6% last year.

--Sarah Mahoney