Valentine's Day is upon us, but many Americans are feeling a financial crunch that may have them rethinking how much they're going to spend on their objects of affection.
Love is in the air…and it’s expensive.
Valentine’s Day is upon us, which means gifts are expected, but many Americans are feeling a financial crunch that may have them rethinking how much they’re going to spend on their objects of affection.
Online review platform,Trustpilot, released a recent report showcasing how people are feeling about the financial obligations of Valentine’s Day, and it’s not all candy and flowers. The data showed that respondents, specifically Millennials (33 percent) and Gen Z (21 percent) in relationships, are more stressed than ever to spend money they don’t have on their valentines.
So, how much is enough to spend on someone for Valentine’s Day?
Established Romantic Relationships
Per a 2023 survey from Wallet Hub, 23% of Americans expected their significant other to spend less on Valentine’s Day – 35% expected a gift that costed under $50. This time last year, the inflation rate sat at 6.0%. Considering the current inflation rate has come down to half of that, we suggest doubling the price tag to about $100. Another survey from Trustpilot shared that the V-Day activities will cost you about $157.52 for relationships two years or older.
Family members
The average planned spending on family members sits at around $131 according to 2023 survey findings from Nasdaq.
Classmates and co-workers
The outlet found that more in 2022, the average American spent about $38.36 on gifts for classmates, co-workers and pets. This number jumped to $52.65 in 2023.
New romantic relationships
With the average cost of V-day gifts for those who have been seeing each other at least two years sitting at around $150, we suggest paring that down when it comes to newer relationships. If the relationship is newer (less than six months), or hasn’t even been defined yet, keep it under $100. No need to invest too much in something you’re not too sure about just yet. At the end of the day, it’s the thought that counts.
