Earlier this month, retailers declared the holiday season a huge success.
Now, it looks as though buying for Valentine's Day will follow suit.
The latest eBillme Online Spending Index is out, and it shows that:
19 percent of consumers plan to spend more money this year on Valentine's Day gifts, a seven percent increase over last year.
Interestingly, nearly one-third (32 percent) of consumers plan to do their Valentine's Day shopping online this year, a nine percent increase over last year.
The eBillme Online Spending Index is a quarterly survey conducted by Javelin Strategy & Research and released by eBillme. The Index polls 1,200 consumers to measure projected online spending for the quarter and the influencing factors.
So, what are shoppers planning to purchase for their Valentines? According to the survey,
60 percent plan to purchase something other than chocolates or flowers this year.
18 percent plan to purchase gift cards.
47 percent of shoppers remain uncertain about what to purchase for Valentine's Day representing an opportunity for retailers to win these sales.
"There will be a lot of retail love this Valentine's season," Marwan Forzley, President and CEO of eBillme, said. "Retailers are coming off one of the best holiday shopping seasons in several years and it looks like the spending will continue for another quarter. Our Index paints a very optimistic picture for the eCommerce sector with increases in shoppers and sales projected for the quarter."
Even so, credit card debt remains a big concern for many and frugality continues to be a theme at the checkout, Forzley added. More than one-third (34 percent) of respondents this quarter said they have used credit cards less often in favor of non-credit ways to pay. Fozley said eBillme expects to see this trend continue throughout 2011.