Recession Can't Deflect Cupid's Arrow!

Despite the economic downturn, Americans will answer Cupid's call and not cut their budget significantly to show their love on Valentine's Day.

Eventhough the economy is on a downward spiral, Cupid will still hit his perfect mark! A survey among the recession-hit Americans has shown that they will answer Cupid's call albeit not expensively to show their love this Valentine's Day.

Americans will spend an average of 86.90 dollars on February 14, a two percent decrease from 88.50 dollars last year, according to a survey by the credit card issuer Discover Financial Services.

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Men, who usually spend more than women for the occasion, plan to have an average budget of 118.30 dollars, down slightly from last year's 125.30 dollars, while women plan to spend an average 49.80 dollars, up from 44.50 dollars last year.

Only 13 percent of respondents said they plan to spend more this year than last for Valentine's Day, while 20 percent said they would spend less. Most of those who said they would cut their budget cited having less money (68 percent) and their concerns about the economy (64 percent).

Ten percent said they would give up exchanging gifts altogether.

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"Despite the economy, consumers still intend to treat their loved ones to something special this Valentine's Day," said Ryan Garton, Discover Financial Services director of consumer insights.

"They're spending a little less and are looking for more savings opportunities, but their intentions are still good."

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Topping the list of gifts from men this year were dining out (73 percent), flowers (65 percent) and candy or chocolate (51 percent), also the gifts women said they wanted the most.

Most women (57 percent) said they planned to take their loved one out to dinner, followed by candy or chocolate (44 percent) and music, books, DVDs or games (37 percent).

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More than half of the men (53 percent) said they were hoping for a special dinner, followed by a night on the town (35 percent) and music, books, DVDs or games (31 percent).

A survey by the National Retail Federation (NRF) released last month showed that the 35 to 44-year-old age group will spend the most this year with the average person planning on waxing romantic at a tune of 119.19 dollars.

Young adults (18-24) will be the second biggest spenders at 113.68 dollars per person, followed by 45 to 54-year-olds (108.82 dollars), 25 to 34-year-olds (105.59 dollars) and 55 to 64-year-olds (83.76 dollars).

"A bad economy won't stop Cupid this Valentine's Day, but it might slow him down," said NRF President and CEO Tracy Mullin.

"This year more than ever, consumers will look for creative and inexpensive ways to show those they love how much they mean to them."

Source-AFP
TAN