Consumers will spend an average of $136.57 this year on Valentine's Day gifts, experiences and other purchases, down from a record high of $146.84 last year, according to the National Retail Federation's annual survey. Total spend will also decrease, to $18.2 billion from $19.7 billion, which was also a record. The organization found that the number of people who plan to celebrate the holiday has fallen 10 percentage points since 2007, to 54% this year. "Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season," said NRF Chief Executive Matthew Shay in a statement. Retailers like Macy's Inc. and Target Corp. have reported weak holiday sales, in part due to heavy discounting.
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