Luxury spending is increasing and Valentine’s Day is expected to be better than the previous year. According to IBISWorld they are forecasting an 11.3 percent increase in jewelry sales for Valentine’s Day over last year’s Valentine’s Day. IBISWorld is also forecasting that consumer spending as a whole will increase 5.8 percent.
“Luxury spending is already on the rise, so it will come as no surprise that bracelets, earrings, necklaces, and rings will be the go-to gift choice for many Americans,” IBISWorld retail industry analyst Nikoleta Panteva said in a statement. “This year, IBISWorld expect jewelry to make up 7.8 percent of all Valentine’s Day sales, making its way back to pre-recessionary levels.”