Americans Projected to Spend $18 Billion on Valentine’s Day
Couples in the United States will spend $18.2 billion on Valentine’s Day in 2017, according to research from the National Retail Foundation. While a significant sum, this represents a drop from 2016 when Americans spent $19.7 billion. On average, individuals are spending about $136.57 this year, which is down from $146.84 in 2016.
The study, which surveyed nearly 8,000 Americans, also found fewer people are celebrating Valentine’s Day this year, as the number of people celebrating is expected to drop from 63% in 2007 to 54% this year.
For those who are celebrating, the hottest item of 2017 is jewelry. It is estimated Americans will spend about $4 billion in this category. An evening out will be second at $3.8 billion, followed by flowers at $2 billion.
While most people are planning on spending money on their spouse or significant other, some also plan to spend on other family members, such as kids or parents, children’s classmates/teachers and friends.
If you are single and considering a gift for your dog, you are not alone. 21% of Americans will buy a Valentine’s Day gift for their pet.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” NRF President and CEO Matthew Shay said. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.