Gold Jewelry Shining Bright This Valentine's Day - Kitco News
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(Kitco News) - It’s Valentine’s Day and if you are scrambling to find the perfect gift idea for that special someone you might want think about a little bit of bling, as jewelry looks to be one of the most popular gifts this year.
According to the latest shopping trends from the National Retail Federation (NRF), consumers celebrating the romantic holiday are expected to buy $3.9 billion for jewelry. In second place, people are expected to shell out $3.5 billion on a romantic evening out. Consumers are expected to spend $1.9 billion on flowers, $1.8 billion on candy, $1.3 billion on gift cards and $933 million on holiday cards.
The NRF said that although fewer people are expected to celebrate Valentine’s Day this year, spending is forecasted to reach its highest level in history. In total, consumers are expected to spend $20.7 billion in total, up 6% compared to spending in 2018. Consumers are forecasted to spend an average of nearly $162 on gifts.
“Those who are participating are spending more than ever and that could be the result of the strong economy. With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy,” NRF President and CEO Matthew Shay said in an NRF press release.
U.S. Jewelry Demand At Nine-Year High
NRF’s shopping trends are in line with developments in the overall gold market. The World Gold Council, in its 2018 full year Gold Demand Trends report, said that U.S. jewelry demand rose to a nine-year high of 128.4 tonnes, an increase of 4% from 2017.
The WGC said that jewelry gold demand has risen for eight consecutive quarters.
“Gains were widespread across the spectrum, from lower-carat, mass-market jewelry to high-end branded items,” the analysts said in the report.
However, the WGC warned that growing recession fears could weigh on U.S. jewelry demand through 2019.
“Prospects for Q1 2019 are less buoyant as the ongoing government shutdown impacts sentiment and the wealth effect of the stock market correction filters through to consumers,” the report said.
A Personal Experience of Buying 24K Gold Jewelry Online
