This Is How Much Americans Are Willing To Spend On Valentine’s Day

Image via Maimaid [CC BY-SA 4.0]

Valentine’s Day is all about making your loved ones feel special and appreciated, and there are many ways to go about it. Some might spend a huge sum on gifts, while others go for DIY. Not forgetting those who opt for tokens that focus on more heart than monetary value.

Compare Cards surveyed 1,000 people in the US to find out more about the Valentine’s Day gifting tradition. It turns out about 70-percent of American adults planned to spend on Valentine’s Day with an average price of US$142 for the gift.

However, the price range differs according to generation. Gen Z (age eight to 23 in 2020) tends to spend an average of US$82, while Millennials (age 24 to 39) set a budget of around US$113. Gen X (age 40 to 55) spend the highest at US$293, while Baby Boomers shell out the lowest at US$55 for Valentine’s Day gifts.

“[14 February] will come and go, but the negative effects of overspending will stick around much longer,” Compare Cards concluded.

Overspending can lead to financial strains in the future, so take note of how much you are able to spend and find various ways to celebrate the special day in that work best for you.

[via CNBC, Cover image via Maimaid [CC BY-SA]]

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