How much Americans are planning to spend on Valentine’s Day
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Although you cannot put a value on true love you might wonder about what others will be spending on Valentine’s Day.
A couple of surveys have shown that Americans will spend approximately $175-$210 on the holiday, in line with a range. There are many ways to get involved. Lending Tree surveyWhile the average expenditure is $208, a National Retail Federation (NFA) surveyThis suggests that the total will likely be close to $175
Spending is at its highest for couples that are together less than two years. LendingTree reports that spending falls closer to $175 for couples that are married longer than 2 years.
Matt Schulz (chief credit analyst, LendingTree) says that people tend to be more successful when they are in the initial stages of a relationship.
However, this doesn’t mean people will spend less in the future. Schulz says that some may be more pragmatic and choose to save money for things they love as a couple.
This would also explain why couples that are engaged plan to spend $322 this year — $100 more than what married couples plan to spend.
LendingTree shows how spending is broken down according to generation.
- Generation Z (18-25 years old): $164
- Millennials (ages From 26 to 41: $294
- Ages of Gen X From 42 to 56: $182
- The Baby Boomers, ages 57-76: $122
Valentine’s Day: What are people buying?
According to the NFA survey, Valentine’s Day spending plans include candy (56%), cards (40%), flowers (37%), and jewelry (22%).
It’s a good idea to book dinner reservations or tickets to the theater in advance if you’re looking to celebrate Valentine’s Day. NFA reports that nearly three quarters of respondents said they had plans for an “evening-out,” which is close to pre-pandemic level.
The 41% who said that they wanted “gifts to experience” for concerts or sporting events this year is a striking contrast with the NFA survey’s previous estimates of pre-pandemic need.
A third of the respondents said they are somewhat inclined to get credit card debt from Valentine’s Day shopping. 43% said they would hide debt from their partner, perhaps indicating that love has multiple blind spots.
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