Record Valentine’s Spending
American spending on Valentine’s Day has typically climbed every year since the last major recession in 2008.
Even with recessionary fears looming, 2023 looks to be no exception. The National Retail Federation expects Americans to spend a collective $26 billion on Valentine’s Day this year, representing the highest total since the NRF began collecting the data in 2004
But if money can’t buy love – what is it buying?
What Are People Spending On?
The most common items respondents are eyeing for Valentine’s Day aren’t exactly surprising.
57% plan to spend money on candy, followed by 40% on greeting cards and 37% on flowers. Other popular items include jewelry, experiences, and evenings out. All this spending adds up to an average of almost $200 per person, up from an average of around $175 last year.
Additionally, people are not letting a lack of significant others hold them back from spreading the love. 58% of people surveyed plan to spend money on a family member, 29% plan to buy a gift for a friend, and 32% plan on treating their pet.
Setting a Romance Budget
Valentine’s Day is supposed to be a day of showing your love for others. But for some people, this can be a little anxiety inducing. You might want to give your special someone the world. But that doesn’t mean you can afford to buy it.
Experts recommend chatting with your partner ahead of time to ensure you’re both on the same page in terms of Valentine’s Day spending. You can take a look at both of your budgets and agree on a set amount to spend. This will help eliminate any pressure to overspend.
Remember, people show love in all sorts of ways. But going into unnecessary debt on Valentine’s Day shouldn’t be one of them.
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