Jewelry sales for Valentine’s Day are expected to total nearly $1.5 million, a year-over-year growth of 11.3 percent, according to industry research firm IBISWorld.
“Luxury spending is already on the rise, so it will come as no surprise that bracelets, earrings, necklaces and rings will be the go-to gift choice for many Americans,” said IBISWorld retail industry analyst Nikoleta Panteva. “This year, IBISWorld expects jewelry to make up 7.8 percent of all Valentine’s Day sales, making its way back to pre-recessionary levels.”
Only flowers, at 16.8 percent, is expected to grow at a more rapid pace, according to IBISWorld, which tracks sales in seven categories, including greeting cards, candy, dining out, clothing and lingerie, and romantic getaways.
Sales for the romantic holiday are expected to grow in all categories, making the day pretty sweet for retailers, IBISWorld said. Consumers are forecast to spend 5.8 percent more on Valentine’s Day purchases in 2011 than 2010, totaling $18.6 billion or about $125 per person.