Jewelry's Out, Dinner's In for Valentine's Week Spending

Americans will be shelling out more this Feb. 14, but it’s experiences -- not things -- that will make up the bulk of spending. Restaurants are expected to see retail sales climb 5.4 percent during the week of Valentine’s Day this year, while spending at hotels is seen rising 9 percent, according to Mastercard SpendingPulse. At the same time, jewelry and other luxury goods sales are expected to fall. “The consumer -- especially the millennial customer -- is very much focused on the experience economy, so things that are more experiential are doing extremely well,” Steve Sadove, senior adviser for Mastercard and former Saks Inc. chief, said in an interview.