Love is in the air this time of year and Americans are planning to show they care with a record amount of spending. The National Retail Federation expects people to spend $27.4 billion this Valentine's Day, up more than 30 percent from last year's record of $20.7 billion.
"Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year," NRF President and CEO Matthew Shay said in a statement.
"The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say 'I love you' this year and to spread the gift-giving beyond just your significant other."
Spend they will, and not just a little. Those celebrating the holiday said they plan to spend, on average, nearly $200, up from last year's average of $161.96, with more than half of it going to spouses and significant others.
Ten years ago, 61 percent of spending went to romantic partners on Valentine's Day, down to only 52 percent this year.
What hasn't changed is how much men spend versus women. This year, like every year since NRF began surveying shoppers 10 years ago, men will outspend women. $291.15 to $106.22.
Pets are also feeling the love this year. "We've always heard of puppy love, but pets are definitely seeing a larger share of Valentine's Day spending," Prosper Insights Executive Vice President Phil Rist said.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
