Wooing your sweetheart will require creative thinking this
Valentines Day as spending decreases with regard to the normal lovers' treats.
IBISWorld, the business information analysts, state that couples are going to opt for
chocolates and
sweets over
jewellery and
bouquets as the
credit crunch tightens.
IBISWorld confirm that Valentine's Day expenditure will increase by just 0.5% from 2008 to $894.2 million. Valentine's day spending expanded by 2.2% from 2007 to 2008.
Due to tighter household budgets it will be difficult to justify splashing out on loved ones in 2009, especially for couples with children who have recently budgeted for the
Christmas holiday. Valentines Day is more discretionary an occasion than
birthdays and Christmas, so it is being hit harder in this economic climate.
IBISWorld anticipates that lots of couples are going to substitute more expensive gifts like
lingerie and jewellery for some chocolates along with a card.
Instead of a dozen red
roses, couples will share a single stem. As an alternative to a major splash out in an expensive meal, couples will share less expensive ways to celebrate like cooking a romantic meal at home.
IBISWorld confirmed that jewellery sales are going to go down 2.3% on 2008, with eating out falling by 1.4%.
Romantic weekends will fall 1.3%, while clothing and lingerie purchases decrease by 1.1%.
Chocolates,
greeting cards and
flowers are all going to perform pretty well, with card sales forecast to increase by 3.8% on 2008 figures.
Confectionery and chocolate sales are likely to go up 3.9%, with flowers increasing by 3.4%.
