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According to the National Retail Federation, Americans are expected to spend about $25.9 billion on Valentine’s Day in 2023.. Love-struck consumers are estimated to spend an average of more than $192 on things like flowers, candy, and cards.
This year, people will have smaller budgets due to continuous price increases due to inflation.
Wallet Hub’s annual Valentine’s Day spending survey found that people are making adjustments this year.
According to Wallet Hub, 23% of Americans expect their partner to spend less on Valentine’s Day this year and 35% expect to receive a gift that costs less than $50.
Nearly 1 in 5 Americans think a Valentine’s Day gift is worth going into credit card debt for.
Meanwhile, men are 45% more likely than women to use their credit cards to make a purchase on Valentine’s Day.
But beware, in that same Wallet Hub survey, half of Americans say they would break up with their partner if they spent irresponsibly.
In the same survey, nearly half say they wouldn’t marry someone with bad credit. Part of the reason Valentine’s Day gifts are so expensive is that flowers and jewelry traditionally command a higher price this time of year..
Wallet Bub says that more than 1 in 4 Americans hope their partner won’t spend any money on a gift this year.
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