In the name of love, romantics will spend an estimated $20.7 billion on their Valentine in 2019. 51% of men and women reported celebrating the holiday. With that celebration comes a hefty expense. On average, men spend $229.54 on their loved one while women spend $97.77.
Typical purchases include candy, flowers, and romantic meals, but the average amount spent for a present gets a big boost from extravagant gifts like jewelry. Unfortunately, the survey estimates that consumers will spend $9.5 billion on unwanted gifts. With 40% of people saying they’d love to tickets to a concert or sporting event, chances are they’ll actually get a dinner, a box of chocolates, flowers, and a card.
As the third-largest consumer holiday in the United States, Valentine’s Day isn’t only for showing love to partners. The study shows that on average people spend $6.94 on their pets for a holiday. Plus, don’t forget the cards for family and friends. Hallmark has more than 900 cards to choose from!
Although 35-44-year-olds report the highest spending with an average of $279.14, the second biggest spenders are the 25-34-year-olds. Once you hit your 50s, then spending on Valentine’s Day tanks down to a low of $91.34 for those 65 and older.
Regardless of how much you choose to spend on Valentine’s Day, keep it authentic and meaningful. After all, falling in love is magical. But, if you’ve thought about ditching the gift, then maybe you better think twice as 53% of the women polled claimed they dump their partner if they didn’t get a present!