Valentine’s Day statistics: How much do Americans spend?

Valentine's day spending statistics
February 08, 2024 | Alliant Credit Union

Valentine’s Day is celebrated each year on February 14, and it’s a great reminder to show some love to those you’re closest to. Whether it’s a card, chocolates or fancy jewelry, people love to spend money to celebrate the big day.

According to Statista, 94% of Americans believe in true love. So, it’s no surprise that 53% of Americans plan to celebrate Valentine’s Day in some way with family members, friends, etc.

The National Retail Federation predicts Americans will spend $25.8 billion in 2024, with 14.2 billion spent on their significant others. On average customers are expected to spend $185, $8 more than the average spend over the last five years.

Let’s dive into some Valentine’s Day spending statistics!

Valentine’s Day spending statistics

Most people surveyed by the National Retail Federation in 2024 said they planned to spend money on candy. 40% said they would spend money on Valentine’s Day cards, 39% on flowers, 32% on an evening out and 22% on jewelry. Not only that, Valentine’s Day tends to be the most popular day to get engaged.

Spending differs by gender and age. Men spend more on Valentine’s Day ($200+), while women usually spend less. Millennials are the biggest spenders, with those in that age group planning to spend around $300 on the holiday.

What do people want for Valentine’s Day? About a third of Americans said their favorite Valentine’s Day gift was chocolate, candy or other desserts.

How to save money on Valentine’s Day

We don’t recommend you break up with your significant other on February 13 to save money on Valentine’s Day! Here are some ways to show you care without breaking the bank – or your loved one’s heart.

Make homemade cards

A homemade card is a great way to show you care. It can contain an inside joke, a picture or a romantic message. Whatever the card, the time you spend on a homemade card can reflect the value you place on your relationship.

Find a recipe that mimics your partner’s favorite restaurant dish

Instead of going out to eat, whip something up at home. To make the meal more special, find a recipe that mimics one of their favorites or decorate the table with candles.

Don’t discount the discount coupons

Look for Valentine’s Day deals at small businesses like spas, group-class studios or restaurants. You may find a discount doing something you never thought of before.

Gift based on their “love language”

Marriage expert Dr. Gary Chapman is famous for introducing the five love languages to the world. Love languages show us how we want and receive love. Take your Valentine’s Day giving to the next level by gifting your loved one something based on their love language. Here are the five love languages and how to give the perfect gift:

Acts of service: Spend February 14 doing those things around the house you’ve been holding off on. Volunteer to make a meal, fix that squeaky door, clean their place or run their usual errands.

Quality time: Plan a fun activity for the family or just you two. It could be a dedicated movie night or dinner out without distractions.

Words of affirmation: Craft a letter that explains how important your loved one is to you. Thank and remind them of how much they mean to you through a written note or speech.

Physical touch: Make sure there’s ample time on Valentine’s Day for you and your partner to be physically close to one another. A good hug or time to cuddle on the couch with a movie can go a long way for those with this love language.

Receiving gifts: Has your loved one been hinting about a material gift they would truly like or enjoy? Keep an ongoing memo in your phone of anything they mention they would like or need. Valentine’s Day is the perfect day to surprise them with that gift.

Open a savings account dedicated to special occasions

Supplemental savings accounts are a great way to organize your spending and keep you on track. At many banks or credit unions, you can open multiple savings accounts dedicated to each of your savings goals.

Consider a savings account dedicated to special occasions like Valentine’s Day, birthdays and anniversaries. That way, you know you budgeted for this spending. You can enjoy gifting without worrying if you saved for it.

Enjoy your Valentine’s Day with your family and friends. We’ll leave you with this classic poem:

Roses are red.
Violets are blue.
When deciding how much to spend,
Remember, it’s all up to you.

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