Discretionary ETFs To Splurge On This Valentine's Day
Zacks Investment Research | Feb 13, 2018 10:10PM ET
Americans are expected to shell out more this Valentine’s Day thanks to solid adoption of smartphones and an upsurge in spending by millennials (25-34 age group). Per the National Retail Federation, Americans will spend an average of $143.56 – the second highest in the survey’s 15-year history. This is up from $136.57 last year but lower than the $146.84 recorded in 2016. Total spending is expected to reach $19.6 billion, up from $18.2 billion last year. Only 55% of Americans are expected to celebrate Valentine's Day this year.
Higher spending is expected to have a positive impact on the consumer discretionary sector, which attracts a major portion of consumer spending. It will also help in driving economic growth, which is already on a solid path, with 2.3% GDP expansion last year, unemployment at the lowest level of 4.1% since December 2000 and consumer confidence around a 17-year high. The economy has added jobs for 88 consecutive months, the longest streak on record, indicating that the job market has come a long way from the Great Recession, which ended in 2009 (read: Zacks Investment Research
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