They say that money can’t buy you love, however, according to the National Retail Federation, spending on Valentine’s Day this year is predicted to be at an all-time high. The price of love is expected to reach $19.7 billion this year, which is up from $18.9 billion in 2015. Low gas prices are considered to be a driving factor in the increased spending and consumer confidence during this first major consumer holiday for 2016.
Men typically spend more than twice as much on the holiday as women. Men, on average, will spend $196.39 compared to $99.87 for women.
$1.7 billion on cards, $4.5 billion on an evening out/experience, $4.4 billion on jewelry, $2 billion on clothing, $1.9 billion on flowers and $1.1 billion on cards. Half of the people purchasing items will buy greeting cards and candy.
Half of pet owners are also taking the opportunity to spoil their fur babies. New bling collars, custom clothes, special treats or a nice day at the pet spa will bring in $681 million for retailers this year.
Be warned, divorces spike in the days after “expectation holidays” like Valentine’s Day, studies show. This could be a result of not getting the right gifts on this holiday. How much will YOU spend this holiday?