Valentine's Shopping

Love may not cost a thing, but consumers this year are set to spoil their friends, family and loved ones this Valentine’s Day in a very big way. According to the National Retail Federation's 2012 Valentine’s Day Consumer Intentions and Actions survey, the average person celebrating the holiday will shell out $126.03, up 8.5 percent over last year’s $116.21 and the highest in the survey’s 10-year history. Total spending is expected to reach $17.6 billion.

The average person plans to spend $74.12 on their spouse or significant other, up from $68.98 last year. Additionally, consumers will spend and average of $25.25 on their children, parents or other family members and $6.92 on friends. Valentine’s Day is a great day for pet owners to show their furry friends just how much they mean: the average person will spend about $4.52 on their pets.

The survey also found the average male is expected to spend $168.74 on clothing, jewelry, greeting cards and more this year - nearly twice as much as women who are expected to spend an average of $85.76.