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The National Retail Federation (NRF) is out with its annual predictions about what US shoppers are going to spend on Valentine’s Day, suggesting that they will spend an average of $126 on their sweethearts this year, up 8.5 percent from last year, for a total 2012 expenditure of $17.6 billion.

NRF says that this is the highest level of Valentine’s Day spending in a decade.

According to the survey, 19 percent of shoppers plan to buy jewelry for their significant others, 50 percent intend to buy candy and 36 percent plan to buy flowers and dinner out.
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