Tapped-out Americans expected to spend slightly less on Valentine’s Day

Americans are forecast to spend less this year on Valentine’s Day despite an expanding job market and rising wages, according to a study by the National Retail Federation.

It is not because Americans have become less affectionate, the study suggests. Rather, many were swept up in the end of year holiday season, splurging more than expected on presents. With wallets a bit thinner at the start of this year, consumers are in a more conservative mood, the federation said.

The NRF expects Americans to spend $18.2 billion, or $136 per person this Valentine’s season compared with $19.7 billion, or $146 per person last year. Slightly more than a quarter, or $4.3 billion, will be spent on jewelry while $3.8 billion will go toward an evening out, according to the survey. Flowers and candy will account for another $2 billion and $1.7 billion respectively.

About 39 percent of people surveyed by the NRF said they are cutting back on Valentine’s Day after overspending in November and December. Retail sales over the last two months of 2016 rose slightly more than 4 percent compared with a 3.6 percent forecast by the NRF. People spent on average more than $900 during the holiday, according to the NRF.

The forecast drop in Valentine’s Day doesn’t necessarily foreshadow a bad year. The NRF anticipates retail spending will grow as much as 4.2 percent this year. Valentine’s Day expenditures may still end up matching last year’s if retail companies roll out attractive deals at the last minute.

”We are still expecting it to be a solid growth year for retailers, but people are being a little bit frugal this Valentine’s Day,” said Ana Serafin, senior director of media relations at NRF. “However, consumers say they are willing to spend an extra $10 if a good deal comes along.”

Contact Todd Prince at tprince@reviewjournal.com or 702-383-0386. Follow @toddprincetv on Twitter.