Love and budgets can be blind for some on Valentine’s Day.
How much did you spend on Valentine’s Day? Maybe you didn’t celebrate and ended up spending nothing. Or, you could have gone all out. Here are a few averages.
Average Spending
According to the National Retail Federation the average couple plans to spend around $175 this year. Total spend of all Americans celebrating the holiday is estimated to be $23.9 billion. That’s up from $21.8 billion spent in 2021. The number of people celebrating is also predicted to be up from last year as well, as 53% of consumers say they will participate, up from 52% in 2021.
You may have guessed this, but couples who have been together for less than 2 years will spend more than long-term couples. Newer couples spend an average of $247 on the occasion. Couples who have been together longer will spend closer to the $175 average. Engaged couples will spend an average of $322. That’s a full $100 more than married couples’ average spend.
Breaking things down by generation looks like this:
Gen Z = $164
Millennials = $294
Gen X = $182
Baby Boomers = $122
Where Does the Money Go?
Rounding out the top 3 items that couples will spend on are candy at 56%, greeting cards at 40%, and flowers at 37%. 31% of respondents said that an evening out was in the cards for the evening. This is up from 24% from the year prior. The rise isn’t surprising due to the pandemic and many restaurants being closed for eat in dining last year.
Experiences such as concerts and sporting events are on the rise this year. 41% of people said that they would celebrate by engaging in one of these activities. That’s up from 36% from last year, and much like dining out this can be attributed to some of the pandemic restrictions being lifted.
Almost a third of respondents claim that they will go into credit card debt for the holiday. Disturbingly, 43% of those people said they will hide that debt from their partners.
Wrapping Up
How much did you spend on Valentine’s Day? Did you stay on budget, or did you splurge? Hopefully you shared a fun experience with your partner and stayed out of debt in the process.
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Writer and Investor. Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.