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Credit Card eZine - News and Articles about Credit Cards

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Valentine’s Day 2020 Spending Tendencies

[February 13th, 2020]

Valentine’s Day is undeniably the most romantic holiday of the year. Even though there are a lot of people deeply convinced that it is a holiday invented by greeting card companies, even more people keep consuming heaps of money each year to please their significant other, relatives and friends on this special day. In anticipation of the holiday, many companies annually conduct Valentine’s Day Spending Surveys to calculate the real spendings. Let’s check some of 2020’s ones out:

National Retail Federation (NRF), that has been conducting such surveys since 2004, interviewed 7,267 adult Americans in January. 55% of respondents plan to celebrate Valentine’s Day this year. Among those whom they are going to make gifts are a spouse or the loved one, other family members, friends, children’s classmates and teachers, co-workers and even pets.

Each person is supposed to spend $196.31 on average, which is $33 more than last year. In general, Americans’ expenses on February 14 are likely to make a huge leap of $6 billion and reach a peak of $27.4 billion this year. The group of people aged 35 to 44 turned out to be the biggest spendthrifts – $358.78 on average. In addition, men plan to spend twice as much as women.

Moving on to gift categories, the most popular ones are candy (52% plan to buy those), greeting cards (43%), flowers (37%), an evening out (34%), jewelry (21%), tickets to some events (28%), clothing (20%), and gift cards (19%). All those presents are expected to be bought at department stores, including discount and online ones (36%), specialty stores (19%), florists’ shops (17%), local small businesses (15%), clothing stores (11%), and jewelry shops (11%).

In another survey conducted by WalletHub, 1,000 U.S. residents were asked how much they expected their Valentine to spend on a gift. 34% hope to receive a present for $50-$100, 31% would be happy to get something that costs up to $49, 27% do not want their partner to spend anything at all, and only 8% wait for an expensive gift worth over $101. One more question related to whether couples should split the check when dining out on Valentine’s Day. Only 31% of women and 9% of men gave a positive answer, while 69% of men and 62% of women disagreed.

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