Happy Valentines Day Average Spending
Whether you’re a singleton or all loved up, the most romantic day of the year is creeping up on us again – Valentine’s Day. And with it comes a desire to reach into our pockets and shower our loved ones with romantic gestures and gifts.
For many of us, the day means spoiling our beloved with breakfast in bed or a delicious dinner and presenting them with chocolates, flowers, and other gifts. For retailers, it’s the first big spending frenzy after all the hubbub of the holiday season. Even as the pandemic rages on, Americans are expected to spend more than $27 billion on celebrating the day this year.
According to American Floral Endowment, the damper that the pandemic put on finances means this year’s spending might not be as spectacular as hoped for by some retailers. Even so, tighter finances are not likely to be too much of a deterrent to people determined to spoil their special someone.
This isn’t all that surprising, given the year that was 2020. Whether couples were brought closer together or pushed apart, they all learned important lessons about love.
Let’s delve into some of the facts and figures of Valentine’s Day in the US last year to give us an idea of what to expect in 2022.
Americans Spent $27.4 Billion On Valentine’s 2020
The National Retail Federation (NRF) revealed that Americans spent more than $27 billion on Valentine’s Day in 2020. The record amount was 32.36% up on the $20.7 billion they spent in 2019.
The leap was an impressive one, considering people in the US spent $19.6 billion and $18.2 billion in 2018 and 2017, respectively. We won’t be surprised if 2021 sees an increase in America’s total spending on Valentine’s Day.
The Average American Spent Almost $200
You’re probably wondering how much the average person spent on the day of love and romance if the total spend was greater than $27 billion.
According to the NRF, it was a record $196.31 per person, which was 21.2% higher than 2019’s $161.96. In 2018 and 2017, Americans spent an average of $143.56 and $136.57 per person. This means the average spend on Valentine’s Day per person increased by 43.74% between 2017 and 2020.
Gifts Not Only For Partners
Although Americans spent more money on Valentine’s Day in 2020 than they did in any other year, they didn’t necessarily spend it all on their romantic partner or spouse. Instead, 52% of the budget was spent on a significant other, 15% was spent on family members, 7% went to friends, and 7% was spent on children’s classmates.
Will Valentine’s Day 2021 see a similar outpouring of generosity? Or will tighter purse strings across the US see a smaller spend per person, with the bulk of it being spent on partners or spouses? We think the generosity trend will continue!
Furry Friends Included
Partners, family, and friends aren’t the only ones who got spoiled on Valentine’s Day in 2020. According to the NRF, 27% of shoppers bought gifts for their pets, which resulted in a record-high $1.7 billion spent on gifts for animals. In 2010, only 17% planned to celebrate the day with gifts for their animals.
Who Spends More – Men Or Women?
Wondering whether men or women spend more money on Valentine’s Day? Statistics on Finder showed that the $11.4 billion spent by American men on gifts and activities was $3.6 billion more than the $7.8 billion that women spent.
Billions Spent On Chocolate And Flowers
A bouquet of flowers and a box of chocolates have been a go-to Valentine’s Day gift combination for decades, and that doesn’t look like it’s going to change any time soon. Americans purchase approximately 58 million pounds of chocolate for the day of love every year, among which are 36 million heart-shaped boxes.
In 2020, America’s spending on V Day chocolate reached a rather magnificent $2.4 billion, according to the NRF. As for flowers, 37% of consumers bought flowers, spending $2.3 billion on them. Red roses accounted for 69% of all roses sold on Valentine’s Day in the US. The 37% of shoppers who opted for floral gifts in 2020 was an 11% increase on the 28% of shoppers who purchased flowers in 2019.
Popular Gift Options
Valentine’s Day spending is obviously not limited to chocolates and flowers, so what are some of the other popular Valentine’s Day gifts?
The NRF revealed that 21% of shoppers bought jewellery, spending a collective $5.8 billion. More than 33% of consumers spent $4.3 billion on dining out and $2.9 billion on clothing. Shoppers also spent $2 billion on gift cards and $1.3 billion on greeting cards.
The ongoing pandemic means people may be forced to celebrate Valentine’s Day with their loved ones a little differently. But we’re confident that, wherever they go and whatever they do, they’ll push those sales figures a little higher.
Valentine’s Day spending is expected to double since last year—here’s who is splurging the most:
Shoppers purchasing gifts for Valentine’s Day expect to spend $163 on their significant other this year, a recent study from RetailMeNot found. This anticipated spend is nearly double from last year’s holiday, when shoppers had planned to spend $85.
Despite the tough economic challenges amid the pandemic, spending on our sweethearts this Valentine’s Day is up. And in fact, it may just be the pandemic that is affording people to splurge more than they did in years prior.
“I suspect people are spending almost double this year because they aren’t traveling as much, going to concerts, dining out, etc., so they have additional resources and are choosing to spend money on other things, in this case Valentine’s Day gifts for others they appreciate,” Sara Skirboll, RetailMeNot’s shopping & trends expert, tells Select.
RetailMeNot’s study also revealed how shoppers’ relationship statuses play into their willingness to spend. Engaged couples reported planning to spend $243, while newlyweds earmarked $317 for their partner and partners married for over 10 years allocated $467.
No matter your relationship status, below we round up some spending tips as you head into your love-filled weekend.
Spending tips for this Valentine’s Day
With the continued social distancing and travel restrictions at play, a quarantine Valentine’s Day this year surely makes it different from all the other years of celebrating. You can still show affection for your significant other even by staying at home.
Here are a few spending tips Select rounded up for this unique Valentine’s Day:
- Use a credit card that rewards your spending on takeout for two: Restaurants in your area may be opening up (if not already), but RetailMeNot predicts that more couples will stay in. If you have a Chase credit card, such as the Chase Sapphire Reserve®, Chase Sapphire Preferred® Card or Chase Freedom Unlimited®, you can take advantage of your $60 DoorDash credit for delivery.
- Open a new credit card and score special V-Day deals immediately: The American Express® Gold Card is now offering an up to $120 Uber Cash benefit ($10 per month) to pay for Uber Eats orders.* Plus, this weekend, Amex is teaming up with Uber Eats and fried chicken restaurant Fuku to release a limited-edition Rose Gold Meal. Access this meal through Uber Eats at participating locations in New York and Los Angeles from February 13 to 14 to get a gold-dusted Knockout Sando, bubbly beverage, custom candle and dessert. The Amex Gold Card is one of many Amex cards that offers instant access once approved so you don’t need to wait for the credit card to arrive in the mail. Terms apply.
- Get cash back on a flower delivery for your significant other: Many credit card issuers offer rewards programs that give cardholders discounts at certain restaurants, clothing stores and hotels, when you meet spending requirements. Amex cardholders have access to Amex Offers for deals with vendors like 1800flowers.com where they spend $50 or more and get $10 back. Amex Offers vary by location and change frequently.
- Give your partner something to look forward to with a future of free flights: Surprise your partner by signing up for the Southwest Rapid Rewards® Plus Credit Card, Southwest Rapid Rewards® Premier Credit Card or Southwest Rapid Rewards® Priority Credit Card. New cardholders can earn 40,000 bonus points after spending $1,000 on purchases in the first three months your account is open.
While Valentine’s Day spending is up this year, you can take advantage of rewards to make it an affordable special occasion. That credit card sitting in your wallet likely offers some type of special offers, points or cash back so both you and your loved one earn more when you spend this weekend. And if you’re looking for a new card with offers, there is still a little time to apply.