NRF: Valentine's Day spending lower this year, but traditional gift purchases remain popular

WASHINGTON It seems that couples plan on reining in their spending this Valentine's Day, according to a survey conducted by the National Retail Federation.

According to NRF's 2010 Valentine's Day Consumer Intentions and Actions Survey, conducted by BIGresearch, couples will spend an average of $63.34 on gifts for their significant other or spouse, compared with $67.22 last year. The average person will shell out $103.00 on traditional Valentine's Day merchandise this year, similar to last year's $102.50.

Such traditional gifts as greeting cards and candy are projected to account for up 54.9% and 47.2%, respectively, of Valentine's Day spending, remaining the most popular gift choices. Additionally, when it comes to where people will shop, most will head to discount stores (40.9%).

"While some may view Valentine's Day as cliche, many people still look forward to giving significant others, friends, family and even pets something special," said Tracy Mullin, president and CEO, NRF. "Rather than not give anything at all, consumers will instead focus on small, thoughtful gifts for the people who mean the most to them this year."