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Chart of the Day: Shoppers break up with V-Day

Friday, 14 Feb 2014 | 7:00 AM ET

Fewer shoppers are feeling the love this Valentine's Day.

Following holiday season woes that the retail industry has failed to shake in the new year, the National Retail Federation said it expects Valentine's Day spending to reach $17.3 billion in 2014. That's a decline of about 7 percent from last year's tab of $18.6 billion.

(Read more: High-tech Valentine's Day gifts for your sweetheart)

"Consumers can expect Cupid's holiday to resemble the promotional holiday season we saw just a few months ago, as retailers recognize that their customers are still looking for the biggest bang for their buck," said federation President Matthew Shay.

Although fewer Americans plan to celebrate Valentine's Day—54 percent, versus 60 percent in 2013—the average amount spent is anticipated to tick higher. Last year, the average person spent $130.97; for 2014, they are expected to spend $133.91.

But the latest winter storm to dump ice and snow on the South and East has other plans. The new bout of cold weather could spoil couples' plans for a night out—or even cut back on spending for last-minute shoppers.

(Read more: Major storm may be a Valentine's Day buzzkill)

Weather has crippled foot traffic from December through February, contributing to a 0.4 percent decline in January retail sales, according to the Commerce Department.

NRF spokeswoman Kathy Grannis said the trade organization has heard that several retailers are feeling an impact on foot traffic, but she expects companies to push online promotions to make up some sales.

Prior to the storm, the survey found that 26.1 percent planned to do their Valentine's Day shopping online.

—By CNBC's Krystina Gustafson. Follow her on Twitter @KrystinaGustafs.