Lovesick shoppers shell out more than $25.9 billion in Cupid’s name each year. That makes Valentine’s Day the third-priciest holiday on the calendar for U.S. consumers. But love might not be the only motivator. Roughly 39% of people expect their Valentine to spend at least $50 on a gift, according to WalletHub’s 2023 Valentine’s Day Survey. 50% of people would also break up with their significant other if he or she spent irresponsibly, so fear is a factor, too.
Whether you love or loathe this holiday, there’s no denying St. Valentine’s impact on our wallets. With that in mind, WalletHub examined V-Day from all angles to help people embrace their loving feelings without hurting their finances. At the very least, seeing what people do (or don’t do) in the name of love should make the day a bit more enjoyable.
The infographic below is filled with interesting facts about Valentine’s Day, with stats covering everything from holiday gift giving to the ways in which money problems can affect romantic relationships. You can also check out the Valentine’s Day Q&A that follows to see what our panel of experts have to say about the holiday’s financial foundation.
Top 6 Valentine’s Day Facts for 2023:
- $25.9 Billion: Total Valentine’s Day spending projected for 2023 ($192.80 per person celebrating).
- 2X: Men will spend almost twice as much as women, on average, for Valentine’s Day 2023.
- $9.9 Billion: Amount Americans will spend on jewelry ($5.5B) and a special evening out ($4.4B).
- 25%: Share of marriages that begin online.
- 33%: Overall online dating activity increase across the US between February 1 and February 14.
- $28.3 Billion: Projected global dating services market size by 2027.
Ask the Experts
We posed the following questions to a panel of leading consumer studies scholars. You can find their bios and responses below.
- What tips do you have for celebrating Valentine’s Day on a budget?
- What are the biggest Valentine’s Day money-wasters?
- What money saving tips do you have for people planning to travel on Valentine’s Day?
- Do you believe Valentine’s Day has become too commercialized?
- To what extent do you think the impact of high inflation will prompt people to reconsider their priorities this Valentine’s Day?
Ask the Experts
Associate Professor and Chair, Department of Marketing & Logistics, Fisher College of Business – Ohio State University
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Ph.D. – Professor of Tourism and Events Management, School of Sport, Recreation and Tourism Management, College of Education and Human Development – George Mason University
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Ph.D. – Associate Professor, College of Business and Management – Lynn University
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Assistant Professor, School of Business – Madonna University
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Ph.D. – Professor of Marketing – Saint Joseph’s University
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