Average Valentine's tab: $122.98

US sweethearts are projected to spend $17.02 billion this year on purchases related to Valentine's Day, but a survey from the National Retail Federation shows that recipients of those gifts also want quality time lavished on them by their significant others.

According to the federation’s 2008 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch, the average consumer plans to spend $122.98 on Valentine’s Day, compared with last year's total of $119.67.

As fears about a possible recession mount, it won't be just about the money and box of chocolates this Valentine's Day.

“Consumers are expected to invest time and money on gifts of experience this year, in addition to staple Valentine’s Day gifts,” Phil Rist, vice president of strategy for BIGresearch, said in a statement. “Whether it’s a weekend getaway or a night out on the town, consumers are looking for quality rather than quantity.”

And don't forget puppy love.

According to the survey, 17.2 percent of celebrators also plan to spend on their pets this Valentine’s Day, with spending on pets for the holiday estimated to reach $367 million.
(By Chris Reidy, Globe staff)