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LOS ANGELES — IBISWorld predicted Valentine's Day will boost retail sales in a new report.
The independent market and research firm said that consumers are expected to spend 5.8% more on Valentine’s Day purchases this year than last year, totaling $18.6 billion, or about $125 per person.
Big gains will be seen across all categories, especially in such staples as greeting cards and candy, which are projected to grow 4.9% and 5.1%, respectively.
Although Valentine's Day falls on a Monday this year, IBISWorld noted that “nevertheless, growth is expected for each of the popular Valentine’s Day categories this year, which is great news for retailers nationwide.”