Fewer Americans are celebrating Valentine's Day, yet we're expected to spend a record-breaking $20.7 billion on gifts
- Valentine's Day is a holiday many people love to hate, and fewer people are celebrating it altogether.
- In a recent survey, 51% of Americans said they plan to celebrate it.
- However, Americans are spending more money than ever on Valentine's Day gifts including candy, jewelry, and flowers for their family, friends, and significant others.
- The average person is expected to spend about $160 on the holiday this year.
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Fewer people are celebrating Valentine's Day, yet we're spending more than ever on chocolates, flowers, and jewelry.
In a recent survey, 51% of people said they plan to celebrate the holiday. That's down 4% from last year.
Americans are expected to spend over $20.7 billion on Valentine's Day in 2019. That's up 6% from last year.
The National Retail Federation estimates that Americans will spend:
$3.9 billion on jewelry...
$3.5 billion on an evening out...
$2.1 billion on clothing...
$1.9 billion on flowers...
$1.8 billion on candy...
$1.3 billion on gift cards...
and $933 million on greeting cards.
The average person celebrating is expected to spend about $162.
People age 35-44 are the biggest Valentine spenders, averaging $279.14.
People age 25-34 are the second, averaging $239.07.
And Americans can't forget about their pets. Pet lovers are expected to spend $886 million on their furry companions.
For businesses, that means...$$$$$
US manufacturers will ship over $33 billion worth of Valentine's day products (as of 2016).
Although Americans love to hate Valentine's Day, it seems to be great for the economy.