Jan. 29 (Bloomberg) -- Valentine’s Day celebrations will probably be less fancy this year as a global recession spurs consumers to cut spending on their loved ones.

Consumers plan to spend an average $102.50 on Valentine’s Day products, 17 percent less than last year’s $122.98, according to a survey by the National Retail Federation, a Washington-based trade group, and BIGresearch. Total spending will reach $14.7 billion, they said.

Declining home values, the highest unemployment in almost 16 years and tightening credit have forced consumers to trim their budgets, especially on non-essential items such as clothing, jewelry and dining out at restaurants.

“Valentine’s Day this year will be more about small tokens of affection rather than extravagant purchases,” Phil Rist, an executive vice president at BIGresearch, said in a statement distributed today by the NRF.

Consumers will buy less jewelry and send more greeting cards, according to the survey. More than a third of people will buy flowers, about the same as last year.

The survey polled 8,850 consumers from Jan. 1 to Jan. 8.

To contact the reporter on this story: Allison Abell Schwartz in New York at aabell@bloomberg.net.

Last Updated: January 29, 2009 06:00 EST