What is the projected expenditure of Americans 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 is shaping up to be no different.

How much will Americans spend on Valentine's Day

On Valentine's Day, there are many different ways to express your gratitude to your loved ones: You're probably among the many Americans who intend to spend money on the holiday, whether it's for dinner with that special someone or purchasing flowers and chocolates.

What is the amount that you plan to spend?

Spending on Valentine's Day fell to $21.8 billion in 2021 from a record high of $27.4 billion in 2020, most likely as a result of pandemic-related restrictions.

As the beloved holiday draws near this February, the National Retail Foundation is projecting a comeback. They estimate that 52% of American adults will celebrate Valentine's Day this year, and that they will spend close to $24 billion, making it the second-highest spending year in the holiday's history.

According to foundation data, of those who planned to spend money on Valentine's Day, 56% said they planned to buy candy, which makes it the most popular gift over cards and flowers.

The spending report is based on information from a survey that was given to almost 8,000 customers between January 4 and January 12. According to research, people who celebrate the holiday intend to spend, on average, $164.76. The average amount spent by each person is $32 less than in 2020, when consumer spending reached a record $196.31.

$23.9 billion will be spent on Valentine's Day this year, per a WalletHub survey. According to the survey, "about 36% of people expect their Valentine to spend at least $50 on a gift." "Fear is also a factor because 54% of people would end their relationship with their significant other if they spent recklessly."

Couples are predicted to spend 44% more on their significant other in 2022 than they did in the previous year. Additionally, almost 4 out of 10 couples are organizing a special dinner date, according to a recent LendingTree survey of almost 2,100 people.

Couples who have been dating for one to two years typically spend the most money together. According to the survey, married couples planned to spend $219, while engaged couples planned to spend $322.

Thirty percent of Americans expect to pay for Valentine's Day gifts and activities this year with their credit cards, which means they will also be paying interest on that spending. Of those who anticipate getting into debt, 43% intend to keep it a secret from their partner.

How are Americans planning to spend Valentine's Day?

A special dinner or celebration at home will be planned by 41% of respondents, candy will be given by 54%, greeting cards by 44%, and flowers will be purchased by 36% of respondents for their loved ones. Customers also intend to spend money on jewelry, apparel, gift cards, and a night out. Furthermore, the average amount that survey participants will spend on their kids' teachers and classmates will be $10.77, as opposed to $14.45 from the previous year. Additionally, they intend to spend $8.47 on average—a drop from $12.96 in 2020—on their colleagues.

Given how the pandemic has impacted Valentine's Day spending patterns, it's hardly surprising that a large percentage of people (39%) intend to shop online rather than in person. Department stores will be the most popular destination for shoppers, with 29% planning to shop there, followed by discount stores (28%), small local businesses (17%), and specialty stores (17%). According to the study, since the survey's inclusion of this question in 2015, this is the first time that customers have ranked small businesses among their top five destinations for shopping.

$10.7 billion is anticipated to be spent on candy, jewelry, and flowers, per a WalletHub survey. It is anticipated that this season, the average amount spent by men and women will differ, with men likely to spend roughly $235 and women $119.

According to WalletHub, 41% of consumers will shop online overall, compared to 29% who will buy gifts at department stores, 28% at discount stores, 18% at local small businesses, and 17% at florists.

41% of Americans say that if they could not decide what to get their significant other, they would rather receive an experience-focused gift, like tickets to a concert or sporting event. Given that 43 million Americans received unwanted gifts for Valentine's Day in 2019, this particular gift idea may resonate deeply with many.

According to WalletHub, 47% of people say they don't intend to celebrate Valentine's Day, but 70% say that getting a gift is important to them.

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

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