New York City, When it comes to Valentine’s Day, young customers are the most enriching for retailers.
Customers over the age of 50 spend an average of $45 on Valentine’s Day, whereas those between the ages of 18 and 34 spend about $145, according to Robert Passikoff, president of Brand Keys, Inc.
Regardless of age, however, Passikoff said, gift giving during Valentine’s Day has become more of a major retail holiday in the past few years.
“The event gets bigger every year,” Passikoff said. “This year we're seeing consumers report higher after-Christmas redemption rates of gifts cards going for purchases for the closest major holiday, Valentine's Day. And this year the average price placed on love is $113.00."