Valentine’s Day spending is reaching new highs this year, with Americans expected to shell out a record $27.5 billion, according to the National Retail Federation. That’s up from $25.8 billion last year.
The average person plans to spend $188.81, slightly more than last year’s $185.81. Traditional gifts remain popular with candy, flowers, and greeting cards at the top of the list. About 35% of consumers plan to spend on a night out, while 22% are spending on jewelry. In total, spending on significant others is expected to hit a record $14.6 billion.
But Valentine’s Day isn’t just about romantic gifts; many are also buying gifts for friends, coworkers, and even pets. For those looking to save, local events and DIY gifts are a great way to not break the bank. After all, the holiday is about spending time together, not just spending money.
