Valentine’s Day spending sets new record

“Valentine’s Day By The Numbers” Photo courtesy CNN

Valentine’s Day has quickly approached and will soon be gone. However, like every year, many couples have used it as an opportunity to showcase just how much they appreciate their significant others. 

With their being so much “gift giving,” the lovesick holiday has become the second-priciest holiday — next to Christmas — on the calendar for U.S. consumers. 

This brief special time has the biggest impact on our wallets alone. According to WalletHub’s 2020 Valentine’s Day survey, roughly 31 percent of people expect their partner to spend at least $50 on a gift. More than 4 in 10 people have said they would break up with their significant other if he or she spent irresponsibly. 

While some couples care more about the material aspect of Valentine’s Day, there are others who believe that the experiences matter more and, the thought is what counts. 

Chretien Adams, a third-year music industry major at Florida A&M University who’s been in a committed relationship for a little over a year, said that the money spent on Valentine’s Day depends on a person’s preference. 

“There are several things that could play into how much somebody spends on their boyfriend or girlfriend for Valentine’s Day. It can depend on your financial circumstances at the time or your feelings. If you feel like spoiling your partner, then yeah, do it. But you know, Valentine’s Day is really everyday in a happy relationship,” Adams said. 

It is no surprise that Americans spend quite a bit of money on their loved ones during this time, but after a recent breakdown of the numbers, many people are starting to wonder whether the high expectations for this holiday are becoming too extreme. 

According to the National Retail Federation, consumers said they plan to spend on average $196.31 on Valentine’s Day related purchases — a shocking 21 percent over last year’s previous record of $161.96. This essentially means that spending is expected to be a total of $27.4 billion, which is 32 percent higher from last year’s record of $20.7 billion.

NRF President Matthew Shay said that spending money to celebrate Valentine’s Day plays a bigger role than some might think. 

“Valentine’s Day is a sentimental holiday, buy gift-giving drives the economy,” Shay said. 

Seems like the gift-giving is going to have to keep on giving.