The bleak yearend sale suffered by retailers is expected to extend to Valentine's Day. A survey by the National Retail Federation said most of couples will probably spend less than $20 each as they celebrate love day on Saturday.

The NRF estimate is that average spending for Valentine's Day will be at $102.50 or a 15.6 percent decline compared to 2008.

Robert Passikoff, president of consumer- and brand-focused research consultancy firm Brand Keys, said Valentine's Day will be the first major holiday in 2009 to feel the economic turmoil.

Overall BIGresearch, which made the survey for NRF, placed Valentine-related spending at $14.7 billion. Of the $102.50 average, $67.22 will likely be spent on their partner, $20.95 on their children, $4.74 on friends, $3.59 on their children's classmates and teachers, $3.59 on office mates, and $2.17 on pets.

Some retailers, though, are more optimistic because gifts given on Valentine's are to those closest to the heart of the consumer, unlike during Christmas when gift-giving usually includes a wide circle of relatives, friends and even business contacts.

Retailers are gearing up with promos to capture a portion of the shoppers' dollars which was elusive last Christmas. Macy's, for instance, held a weekend-long savings on Feb. 4 to 8 for all shoppers who wore red or bought a Go Red for Women Red Dress pin for $2 through a 20 percent discount on a wide range of merchandise throughout its stores.