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Valentine's Day will be a heart breaker for retailers

February 13, 2017

Consumers won't be showing as much love via gifting this Valentine's Day with spending dipping 2.3 percent compared to last year.

Though an IBISWorld report reveals the average consumer will cut spend by just under a $1, the overall decline will be due to fewer shoppers buying something for the one they love.

The spend on greeting cards will be hardest hit, with IBISWorld anticipating a 5.9 percent dip. Consumers won't be going out for a special meal as much either, as spending on a night out is expected to bring a 5.1 percent decline.

But there's good news for retailers selling flowers and jewelry as those sales segments should see a 1.2 percent and 0.3 percent increase, respectively.