Valentine’s Day 2020: Americans expected to set spending record. Their lists grow longer every year, but the holiday is supposed to be about love, not money.
Valentine’s Day 2020: Americans Expected to Set Spending Record
Valentine’s Day spending is expected to total $27.4 billion this year, up 32 percent from last year’s record $20.7 billion, according to research by the National Retail Federation and Prosper Insights & Analytics. The average consumer plans to spend $196.31, up 21 percent from last year’s record of $161.96.
It’s a generous amount of spending, particularly when nearly 80 percent of U.S. adults are losing sleep over financial stress. But the total amount makes sense when you take a look at how long their Valentine’s Day to do and spend lists are getting.
Traditionally, Valentine’s Day gifts were meant for spouses, significant others and for the classmates of children in school. Nowadays, Americans are shopping not only for spouses, significant others and their children’s friends, but also family, co-workers, friends, classmates, and teachers. Oh, yes, even pets.
How Much Americans Plan to Spend on Valentine’s Day
This is how the average consumer will split the $196.31 they plan to spend on Valentine’s day gifts this year:
$101.21 on spouses and significant others
$30.19 on family members
$14.69 on friends
$14.45 on children’s classmates and teachers
$12.96 on coworkers
$12.21 on pets
$10.60 on others
Close to 30 percent of Americans will buy Valentine’s Day gifts for their pets in 2020, the highest figure in the history of the survey and up from 17 percent in 2010 for a total of $1.7 billion.
What Americans Plan to Spend the Most on for Valentine’s Day 2020
These are the seven gifts Americans plan to spend the most money on:
$5.8 billion on jewelry
$4.3 billion on an evening out
$2.9 billion on clothing
$2.4 billion on candy
$2.3 billion on flowers
$2 billion on gift cards
$1.3 billion on greeting cards
Americans plan to get their Valentine’s Day gifts at department stores, discount stores, online, specialty stores, florists, local small businesses, clothing stores and jewelry shops.
What About DIY Gifts for Valentine’s Day?
There was no mention of homemade treats or do-it-yourself (DIY) gifts in the survey, but Best Money Moves’ CEO Ilyce Glink hopes at least some Americans will roll up their sleeves and make their own gifts this Valentine’s Day.
“Handmade valentines are a great way to boost the value of the gift, while holding down the amount you spend, sometimes by a lot,” Glink noted.
Making your own cards, jewelry, baked goods, candles, salt scrubs or treats for pets is a great way to get creative and save some money. If you’re experienced you get to show off your skills and if you’re inexperienced you can have fun learning something new.
Homemade gifts are my favorite to receive and to give. It shows that you cared enough to use your time, energy and supplies from your local crafts store or grocer to make someone feel special, which gets to the heart of what Valentine’s Day is really about.
Whenever you’re tempted to overspend this Valentine’s Day, remember that it’s your love, quality time and affection that those closest to you want, not your money.
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