National Retail Federation’s (NRF) Valentine’s Day Consumer Spending Survey conducted by Prosper Insights and Analytics predicts an average spending of $146.84 by 54.8 percent of consumers compared to $142.31 last year. The consumers chose to spend on flowers, jewelry, candy, apparel and more.

“As the first major consumer holiday of 2016, Valentine’s Day could provide a positive boost in spending our economy needs,” said NRF President and CEO Matthew Shay. “Low gas prices and guaranteed promotions from retailers large and small should help consumers as they look for the perfect gift for their friends and family. Looking ahead, we’re optimistic consumers are in a good place when it comes to spending on discretionary items like gifts.”

The survey predicts that 38.3 percent of the consumers intend to spend $4.5 billion on experiences - the highest since NRF began tracking spending on gifts in 2010.

About $4.4 billion is expected to be spent on necklaces, earrings and other jewelry items by around 19.9 percent of consumers.

“With the winter holidays behind us, consumers may have a little more room in their budget to indulge on gifts for their loved ones,” said Prosper’s Principal Analyst Pam Goodfellow. “This year we expect consumers will look for unique and creative gifts, including that extra special ‘experience’ that can be shared any time throughout the year. Even those on a tight budget can find affordable ways to create a special moment with each other even past Valentine’s Day.”

The department stores are expected to be the most visited destination for purchases (34.5 percent of traffic) according to the survey, while 31 percent traffic would be directed to the discount stores and an additional 27.9 percent shopper traffic would be online.