Americans Plan to Spend Nearly $26 Billion This Valentines Day

They say “love don’t cost a thing,” But Americans are willing to spend money to show their love this Valentine’s Day.

According to an analysis, Americans will spend $29.9 billion this Valentine’s Day, whether it’s on romantic dinners or chocolate hearts. The National Retail Federation conducts an annual survey. This is an increase of $23.9 billion from last year, and it marks the second highest year of spending since NRF started tracking spending in 2004.

The survey revealed that just over half of respondents plan to celebrate Valentine’s Day. However, not all respondents will spend money. If you plan to show your affection by giving a gift or experiencing, “never go into debt for love,” financial expert Pattie Ehsaei tells CNBC Make It.

TikTok’s “Duchess of DecorumEhsaei draws on her 20-years of experience in legal, financial and other services to offer advice on money, career and social etiquette. Ehsaei believes in not getting into debt to love. “No. 1 financial rule for relationships.” 

Here’s how much people are expecting to spend on Valentine’s Day and where it will be spent.

Millennials could have a love that money can’t buy. The most successful romantic relationships. The average Valentine’s Day spending by those between 35 and 44 is $336, which is the highest of any age group. 

These consumers are between 25 and 34 years old, who plan on spending an average of $238. These two groups are significantly higher than the $193 average for individuals who plan to spend money Valentine’s Day.

While a lot has happened over the years and chocolate is still in fashion, candy and greeting cards are the top choices for holiday gifts.

These are the items that those who claim to be spending money will actually buy:

• Candy: 57%
• Greeting cards: 40%
• Flowers: 37%
• An evening out: 32%
• Jewellery: 21%
• Gift vouchers: 20%
• Clothing: 19%

There may be more to what some consumers are buying than chocolate and flowers. Valentine’s Day was the most-loved day in 2020 to get married. Wedding Wire – Wedding Planning Website.

You’ll want to plan ahead when shopping for an engagement band. According to a report by The Ring Store, the average engagement ring will cost $6,000 in 2021. The Knot 2021 Jewelry & Engagement Study.

Ehsaei suggests that couples who are planning on getting engaged have a honest discussion about their finances before they propose.

“This conversation is to ensure that both parties are on the same page around spending expectations and limitations, including the engagement, which eliminates awkwardness and guessing,” She said.

Ehsaei also encourages you to look for less expensive alternatives if money is tight.

“Don’t buy a natural diamond engagement ring,” She suggests lab-grown diamonds and moissanite to be budget-friendly options that will still impress your partner. “That money can be utilized for so many other things, like a down payment for a home, paying off debt or savings.”

You can also find cheaper options for other gifts. Ehsaei recommends that dried roses be sent instead of fresh flowers. “Dry roses cost less than half [the price of fresh roses] and last for months, sometimes years.”

For Valentine’s Day deals, Groupon coupons are a great option if you’re booking a dinner reservation.

Shopping for your partner? “you don’t have to spend a lot of money to be romantic,” Ehsaei says. Ehsaei suggests that you decide together on a budget for gifts to be exchanged with your partner.

So, “no one ‘overspends’ and [it takes] the anxiety out of how big a gift should be.”

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