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Can’t buy me love? Sure you can, according to several consumer surveys leading up to Valentine’s Day — even if inflation is pinching plenty of pocketbooks this year.
The National Retail Federation expects Americans to drop $25.9 billion around Valentine’s Day, which is up from $23.9 billion last year, and one of the highest spending years on record. The NRF says paramours will be paying more than $5.5 billion on jewelry and almost $4.4 billion on a special evening out — although they might wanna think twice before booking a Valentine’s Day restaurant reservation.
Read more: 5 reasons you shouldn’t go to a restaurant on Valentine’s Day
The annual Valentine’s survey from the NRF and Prosper Insights & Analytics polled more than 7,600 U.S. adult consumers between Jan. 3 and Jan. 11. It found that more than half (52%) plan to celebrate the holiday this year. And they are planning to spend $192.80 apiece on average, which is up from $175.41 last year — and the second-highest per-person spending figure since the NRF and Prosper began tracking Valentine’s Day shopping in 2004.
So what are Americans dropping almost $26 billion on while playing Cupid?
Well, dogs and cats are getting their paws on a growing share of it. Turns out, of the $17 per-person spending increase over last year, $14 has been earmarked for presents for pets, friends, coworkers, classmates and teachers, the NRF says.
The most popular Valentine’s Day gifts include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%) and clothing (19%), per the NRF report.
Polling from Forbes Advisor also found that rising prices won’t knock down Cupid’s arrow, as, despite inflation, 59% of respondents in committed relationships said they plan to spend money on Valentine’s Day this year — and almost 40% of Americans actually plan to spend more on the heart-themed holiday in 2023 than they did last year.
But the darker side of all that devotion is that a “significant number” of Americans told Forbes Advisor that they have taken some serious financial measures, including going into debt, to afford dates and romantic gifts over the past 12 months. Some 40% of survey respondents said that they had taken on credit-card debt to lavish love on their significant others, and 37% applied for a personal loan. And they’re poised to do the same to cover the cost of Valentine’s Day.
Yet there are some people taking a more prudent approach to Valentine’s Day. WalletHub’s 2023 Valentine’s Day Spending Survey of around 300 people found that more than one in four actually expect their Valentine to spend $0 on gifts, and 23% expect their partner to spend less on Valentine’s Day this year than they have in the past.
If you’re looking for a free or low-cost way to treat your sweetheart this Valentine’s Day, one MarketWatch columnist suggests skipping the candy and flowers to give this precious gift that won’t cost you a penny.
Or, for just $5, you could let the fur fly by wishing your ex a “Crappy Valentine’s Day” while also helping animals in need, through several zoos and animal-rescue organizations.
