February 14 marks the holiday we love to love! They say money can’t buy love, but the economic impacts of Valentine’s Day can’t be ignored. Regardless of how you plan to celebrate this year, these spending facts about the beloved holiday may surprise you.
Valentine’s Day isn’t just celebrated in the U.S.! Canada, Mexico, the United Kingdom, France, Italy, and Australia all celebrate, too
Valentine’s Day is the third largest consumer-spending holiday in U.S. Each year, Americans spend approximately $18.2 billion in the name of love.
The average person is expected to spend $136.57 on Valentine’s Day in 2017, according to the National Retail Federation. Between candy, flowers and dates, it’s not surprising how fast things add up! Sweeten the holiday this year by celebrating without breaking the bank.
Of that $18.2 billion, $4.3 billion will be spent on jewelry for a significant other.
Men spend nearly twice as much on Valentine’s Day as women.
54.8 percent of Americans plan on celebrating Valentine’s Day with someone they love, the NRF survey found.
Last year, candy sales for Valentine’s Day topped $681 million dollars. That’s a lot of chocolate and candy hearts! Even still, it’s not surprising considering 94 percent of those celebrating Valentine’s Day are hoping to receive candy and chocolate, according to Wallethub.
Our loved ones aren’t just people – they’re our pets too! 20 percent of consumers will be showering their furry companions with treats on the holiday.
Small businesses also feel the love on Valentine’s Day. 19.4 percent of gift givers will take a trip to their local florist, and another 4 percent will shop for gifts at a small business near them.
Wallethub predicts that 24 percent of singles will indulge a little this Valentine’s Day and treat themselves.
Each year, approximately 114 million individual greeting cards are given for Valentine’s Day, making it the second-largest greeting card holiday for Hallmark.
Millennials spend more on Valentine’s Day than any other age segment by almost $100, Nerdwallet discovered in a recent study.
Credit matters when you’re in love, too! Nearly half (48 percent) of Americans over 18 say that they don’t want to date someone with a bad credit score. Working on your financial fitness with an educational tool can help you reach your goals, and may even score you more dates along the way.
54 percent of millennial men and 43 percent of millennial women say that a partner’s financial situation is more important than physical attractiveness, according to the Nerdwallet survey.
While you can’t put a price tag on love, there’s no denying Americans are willing to spend in the name of it. Whatever Cupid has in store for you this February 14, spend wisely and enjoy the day with the ones you love!