Valentine’s Day to be a boon for retailers and restaurants
Retail POS technology may see increased use over the next few weeks, as experts predict an increase in sales for Valentine's Day.
Research from IBISWorld predicts total sales for the romantic holiday to rise by 0.5 percent over 2011 figures this year, with a return to dining and getaway purchases as well as jewelry, flowers and candy.
The study notes that jewelry will see another year of solid growth. Sales are expected to rise by 5.2 percent to total $1.6 billion, following last year's large 9 percent growth. Additionally, candy sales will increase by 3.6 percent coming to $2.7 billion for the holiday.
Restaurants are poised to be the big winners this Valentine's Day, though. "Restaurants are likely to see the biggest boost this year with sales slated to increase by 6.1 percent to an estimated $9.5 billion," the study found. "Consumers are anticipated to return to dining out, which will be led by restaurants' initiatives (including special courses for the holiday and prix fixe arrangements)."
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