Couples are willing to throw down for Valentine’s Day this year. Each couple is slated to spend on average $416, or about $200 each. Dang! Who are these rich people throwing out money? Apparently, people want to go big this year since they couldn’t last year so spending is up 44%. Here are some other V-day stats…
- Valentine’s Day spending is up 44% compared to last year. On average, those with a significant other plan to spend $208, up from $144 in 2021 and $142 in 2020.
- Spending for Valentine’s Day peaks among couples who have been together for one to two years ($247), then creeps back down. As for other demographics, six-figure earners ($413), men ($299) and millennials ($294) plan to spend big.
- Nearly a third (30%) of partnered consumers say it’s at least somewhat likely they’ll incur credit card debt due to Valentine’s Day spending. Of that group, 43% would hide the debt from their partner.
- About 3 in 10 (31%) Americans have spent more than they can afford on past Valentine’s Days to impress a significant other. Along those lines, 30% think Valentine’s Day debt is worth it (37% of men agree versus 24% of women).
- Dining out is back: 37% of couples will celebrate the holiday by going out for a special dinner, up from 26% last year. Similarly, fewer couples say they are skipping the holiday to save money this year (31%, down from 39% in 2021).
https://www.lendingtree.com/credit-cards/study/valentines-day-spending-survey/
