For some people Valentine’s Day is an exciting time to show how much you care for a loved one. For others, Valentine’s Day will be the day that they get a long awaited marriage proposal. However Americans choose to commemorate the day, it usually involves spending some amount of money. Those who keep track of America’s spending habits are taking notice.
The National Retail Federation took a poll of over 6,000 Americans in January of 2014. They asked one question: “How much money do you plan to spend on Valentine’s Day?” Of the 54 percent of Americans who plan to celebrate the holiday, the average person plans to spend about $133 this year. This is up slightly from last year’s $130.97 average. The divide of how much is spent seems to go along gender lines. Men reported that they plan to spend over $100, while women planned to spend around $50 for their loved ones.
These numbers are low compared to the survey conducted by American Express Spending & Savings Tracker. Of adults with household incomes above $100,000, the average spent is $213. This amounts to $37 billion spent on this holiday alone.
Though money doesn’t buy love, it can buy a lot of things to express love. When items purchased tend to sink consumers further into credit card debt, the celebration of love becomes tainted when it’s time to pay the bills. For those who are currently sinking in debt from credit cards or medical bills, it may be time to consider bankruptcy.
Source: www.huffingtonpost.com, “Survey Reveals How Much Americans Spend On Valentine’s Day,” Feb. 10, 2014