Lovesick shoppers shell out more than $27.4 billion in Cupid’s name each year. That makes Valentine’s Day the second-priciest holiday on the calendar for U.S. consumers. But love might not be the only motivator. Roughly 31% of people expect their Valentine to spend at least $50 on a gift, according to WalletHub’s 2020 Valentine’s Day Survey. More than 4 in 10 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 loath his 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 5 Valentine’s Day Facts for 2020:
- $27.4 Billion: Total Valentine’s Day spending projected for 2020 ($196.31 per person celebrating).
- $291 vs. $106: Men will spend nearly three times as much as women, on average, for Valentine’s Day 2020.
- $10.5 Billion: Amount Americans will spend on jewelry ($5.8B), flowers ($2.3B) and candy ($2.4B).
- 43 Million: Americans got un unwanted Valentine’s Day gift in 2019, with a total of $9.5B spent on unwanted gifts.
- 9 Million: Number of marriage proposals made each Valentine’s Day.
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?