We’re less than a week away from Valentine’s day and this year showing appreciation for your significant other will cost you.
According to the National Retail Federation, Valentine’s Day spending is expected to reach $25.9 billion in 2023. Americans are expected to shell out more than $192 on average on things like flowers, candy, and cards.
People will have smaller budgets due to the ongoing challenges of inflation.
Wallet Hub’s annual Valentine’s Day spending survey found that people are making adjustments this year.
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According to Wallet Hub, 23% of American expect their significant other to spend less on Valentine’s Day this year - 35% expect a gift that costs under $50.
Almost one in five Americans think a Valentine’s Day gift is worth going into credit card debt.
Meanwhile, men are 45% more likely than women to use their credit cards to make a Valentine’s Day purchase. But beware, in that same Wallet Hub survey, half of Americans say they would break up with their significant other if they spent irresponsibly.
Almost half say they would not marry someone with bad credit. Part of the reason Valentine’s Day gifts are so expensive is that flowers and jewelry are traditionally priced higher this time of year. Wallet Bub says more than one in four Americans expect their valentine to not spend any money on a gift this year.