How Much Will Americans Spend on Valentine's Day
|How much will Americans spend on Valentine's Day|
Valentine’s Day is known for being one of the more expensive holidays on the calendar and 2022 is shaping up to be no different.
How much will Americans spend on Valentine's Day
There are a variety of different ways to show your loved ones how much you appreciate them on Valentine's Day: From buying flowers and chocolates to taking that special someone out to dinner, there's a good chance that you're one of the many Americans who planw to spend money on the holiday.
How much will you spend?
After Valentine's Day spending hit a record high of $27.4 billion in 2020, that number dropped to $21.8 billion in 2021, likely due to pandemic-related restrictions.
Now, as we approach the lover's holiday this February, the National Retail Foundation is predicting a resurgence, estimating that just over half (52 percent) of adults in the U.S. will celebrate Valentine's Day this year, and will spend nearly $24 billion, making it the second-highest Valentine Day spending year in history.
The foundation's data indicates that of those planning on doing some form of Valentine's spending, 56% expressed plans to purchase candy, making it the holiday's number one gift item over cards and flowers.
The spending report is based on data from a survey conducted from January 4 to January 12 that was fielded to nearly 8,000 consumers. Researchers found that those celebrating plan to spend an average $164.76 on the holiday. That number is down $32 on average per person in comparison to 2020 when consumers spent a record $196.31.
According to a survey from WalletHub, $23.9 billion will be spent on Valentine’s Day this year. “Roughly 36% of people expect their Valentine to spend at least $50 on a gift…” the survey stated. “54% of people would also break up with their significant other if he or she spent irresponsibly, so fear is a factor, too.”
In 2022, couples are expected to spend 44 percent more than last year on their significant other. And nearly 4 in 10 couples are planning a romantic restaurant date, based on a new LendingTree survey of nearly 2,100 Americans.
When it comes to who’s spending the most, it tends to be couples who are in one-to-two-year relationships. Engaged couples were planning to spend $322 while married couples plan to spend $219, according to the survey.
This year, 30 percent of Americans anticipate relying on their credit cards to pay for Valentine’s Day gifts and outings, meaning paying interest on that spending, too. Among those who think they’ll take on debt, 43% plan to hide it from their significant other.
How are Americans planning to spend Valentine's Day?
According to the survey, 54 percent plan to gift candy, 44 percent will gift greeting cards, 41 percent will plan a special dinner or celebration at home, and 36 percent will buy flowers for their loved ones. Consumers also plan to spend money on an evening out, gift cards, clothing, and jewelry. Additionally, survey respondents will spend an average of $10.77 on their children's classmates and teachers—down from $14.45 last year. They also plan to spend an an average of $8.47 on colleagues, a decrease from $12.96 in 2020.
As the pandemic has affected Valentine's Day spending trends, it should come as no surprise that many people (39 percent) plan to do their shopping online rather than in person. Twenty-nine percent plan to shop at department stores, followed by discount stores (28 percent), local small businesses (17 percent), and specialty stores (17 percent). The study reveals that this is the first time consumers listed small businesses as a top five shopping destination since the question was added to the survey in 2015.
According to a survey from WalletHub, a total of $10.7 billion is expected to be spent on jewelry, flowers and candy. The average amount spent by each person this season is also expected to vary among men and women, with men spending roughly $235 and women spending $119.
Overall, 41% of people will shop online as opposed to people who will purchase their gifts at department stores (29%), discount stores (28%), local small businesses (18%) and florists (17%), according to WalletHub.
For those who might not be able to decide what to get their significant other, 41% of Americans say that they would prefer an experience-focused gift such as tickets to a concert or sporting event. This particular gift idea could really hit home for many considering that 43 million Americans received unwanted gifts for Valentine’s Day in 2019, according to the report.
As far as simply observing the holiday, 47% say that they don’t plan on celebrating Valentine's Day, however, 70% say that receiving a gift is important to them, per WalletHub.
|Most Popular Candies for Valentine's Day in America|
If money is tight, you don’t have to skip V-Day altogether. LendingTree has some ways to trim your spending without sacrificing romance. LendingTree said here are some of the tips to celebrate without breaking the bank:
Celebrate, just not on the 14th
Go for the budget flowers
Choose sentimental over splashy
Dine home, dessert out
Spread some credit card love
|Hawaii ranked one of the best cities to celebrate Valentine’s Day in America |
WalletHub said you don’t have to empty your wallet to have a romantic night out, especially here in Hawaii. They recently ranked the most romantic and cost-effective cities for celebrating Valentine’s Day and Honolulu came in third place.
First being San Francisco, California, then Seattle, Washington with Honolulu coming in third.
According to their findings, Honolulu has the most chocolate shops per capita and the second most jewelry stores per capita.
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