Some people look forward to the fancy dinners, chocolate, and giant stuffed animals. Others… look forward to paying for all of this. With all the gifts and special surprises, Valentine’s Day can get expensive, but just how much money is spent on it per year?
The National Retail Federation (NRF) conducted a poll of 6,417 people on gauging consumer behavior and shopping trends on last year’s love filled day. According to the NRF, an estimated $17.3 billion was spent on Valentine’s Day last year by Americans. Only 54% of Americans chose to celebrate the holiday last year, which was down 6% the previous year, so who knows if this trend will continue on to this 2015 Valentine’s Day.
Age also seems to play an important role on this special holiday. In 2014, young adults were more likely to spend money on their significant other than the elderly. Last year, people in the ages 25-34 spent and $176.85. However, people over the age of 65 spent only $75.67. On average, men spend $108.38 for their special someone. A more startling fact is that women spend less than half of that, averaging out at $49.41.
But what are people spending all this money on? Over half of people, at 51.2%, purchase greeting cards. Coming in at 48.7%, the next most popular item is candy (because who doesn’t love something sweet?). Last year, $3.9 billion was spent on jewelry alone, and a total of $3.5 billion was spent on a romantic evening out.
All in all, people are willing to go to great lengths to make the person they love feel special. But the question is, how much money will you spend for February 14th?