While some are still reluctant to admit it, Valentine’s Day has become a major holiday. Actually, it has been a major holiday for decades, and Americans celebrate it almost better than every other country. On Valentine’s Day, we buy gifts for our loved ones and engage in loving activities to rekindle the fire of love.
Like other major holidays, Valentine’s Day celebration means expenses. We have to buy gifts for our loved ones, and we have to spend on a few other things that will help us celebrate in the best possible way. But how much do Americans really spend on Valentine’s Day? This is a question we can’t just answer directly.
Valentine’s Day Expenses
The best way to track what Americans spend on Valentine’s Day is to obtain data from the National Retail Federation. They will probably conduct a survey to determine what citizens plan to spend on Lover’s Day, but we can check their past surveys and projections to get a good idea of how much leaves the pocket of the average American household to celebrate Valentine’s Day.
Last year, individuals who were getting ready to celebrate Valentine’s Day said they were going to spend an average of $196.31. According to NRF projections, spending was expected to total $27.4 billion, which was relatively higher than what was spent the previous year. Despite the negative impact of coronavirus on the economy, it is expected that Valentine spending in 2021 will be significantly higher than what we had in 2020.
It is important to note at this point that most Valentine’s Day expenses are made for the significant other. Other expenses will be made, but the most important thing for most adults that celebrate is the gift they will present to their partners.
It is also important to state here that the money American adults budget for Valentine’s Day presents differs according to generations. While the Baby Boomers (56 – 74) are only willing to spend $55 on romantic gifts, Gen Z (18 – 23) are willing to spend up to $82. The Millennials (24 – 39) are willing to spend $113, while Gen X (40 – 50) are ready to spend as much as $293. You should also know that while women are willing to spend just about $57, men plan to spend as much as $249.