This Valentine's Day is all about creative thinking as lovers choose candy and cards rather than bouquets and bling. According to IBISWorld, the nation's most respected independent publishers of industry research, spending will fall to $28.6 billion this holiday - a 4.8 percent drop from last year and a 6.8 percent drop since 2007.

"Valentine's Day is more of a discretionary occasion than Christmas and birthdays, which means it will be hit particularly hard by the current economic climate," explained George Van Horn, senior analyst with IBISWorld. "Tightening household budgets will make it difficult to justify splurging on loved ones this year, especially for couples with children who have just had to budget for the Christmas holiday."

In fact, Valentine's Day spending will fall below the level of spending for the total U.S. retail sector over the first quarter of 2009. IBISWorld expects many couples to substitute pricier gifts for a simple box of chocolates and a card, as well as coming up with inexpensive ways to celebrate such as cooking a romantic meal at home, enjoying a picnic, walking on the beach or writing a love letter or poem.