Here’s How Much People Spend On St. Valentine’s Day

Key Takeaways

• Consumer spending ticks up immensely around Valentine’s Day
• Many people go into debt shopping for gifts for their loved ones
• Investing in your financial future is a wise move for your relationship

Love is in the air. So much so, in fact, that love birds were planning to spend $23.9 billion on Valentine’s Day this year—up from $21.8 billion in 2021. That’s a cool two billion (and change) extra that reflects the second-highest year on record, according to the annual survey by the National Retail Federation and Prosper Insights & Analytics, the world’s largest retail trade association.

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Significant others anticipated spending an average of $175.41 per person on Valentine’s Day gifts, which is up from $167.76 last year. Coupled up or not, more than half  (53 percent) of U.S. consumers were planning to celebrate the holiday, and more than three-quarters (76 percent) believe it’s important to show some love on Valentine’s Day given the current times.

“Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022,” NRF President and CEO Matthew Shay said in a statement. “Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way.”

So what are they spending their dollars on? More than half of shoppers (56 percent) were hunting for Valentine’s Day candy, 37 percent were finding flowers for their loved ones, 40 percent were going with greeting cards, and just under a quarter (22 percent) were buying jewelry. (In fact, people are dropping a whopping $6.2 billion on jewelry, which is the highest amount in history.) Meanwhile, another 31 percent were planning to spend an evening out, which is up from 24 percent in 2021 and just slightly below pre-pandemic numbers.

“While traditional Valentine’s Day gifts like candy and flowers seem to never go out of style, gift givers and recipients alike are more comfortable heading out for a special meal or participating in a new experience than they were a year ago,” Phil Rist, Prosper Insights Executive Vice President of Strategy, said in the statement.

It’s no surprise that people spend so much on Valentine’s Day. After all, economist Gary Becker’s Theory of Marriage argues that, in making their choice of a partner, individuals generally calculate the costs and benefits of different types of relationships. That’s largely why relationships have a direct impact on the economy—from the participation of women in the workforce to income equality to the Valentine’s Day consumer craze. 

This year, three in 10 Americans were banking on credit cards to cover the costs of Valentine’s Day gifts and shared experiences, which means that they could be paying the price plus potential interest, according to another LendingTree survey of how much people plan to spend on the holiday. In fact, 31 percent of the survey’s respondents admit that, at some point in time, they’ve spent more than they could afford on a special someone on Valentine’s Day—and that was in an effort to impress them. 

Of those who anticipated taking on debt, 43 percent plan to keep that a secret from their partners. And, of course, hiding financial struggles from a significant other is never a good idea.

So before you go shopping for candy hearts and chocolate kisses—and investing in your relationships—consider investing in your financial future first. Investing your money prioritizes your finances and your relationship, as you could put that money toward more important expenses that benefit the relationship.

“People tend to go big when they’re in the early stages of a relationship,” says Matt Schulz, chief credit analyst at LendingTree. Then, as time goes on and the relationship builds, “some may get a little more practical, choosing to spend their money on things that serve them better as a couple, such as saving for a home or a vacation.”

Sure, exchanging gifts and sharing experiences on Valentine’s Day may be a very valid desire in your relationship. But Q.ai can help you invest for the long-term so you can still spend in the short-term without sacrificing your financial future, or your future together.

Q.ai had created the Limited Edition Holiday Shopping Kit for the winter holiday shopping season but, ultimately, did not find Valentine’s Day as big enough a market event to warrant creating a Limited Edition Kit. But while Valentine’s day isn’t a holiday that our team of investment analysts views as being a priority for investors, it’s still worth checking out.

For example, some consumer stocks that thrive during Valentine’s Day include flower and gift companies, package delivery couriers and jewelry giants.

That said, stock picking isn’t something we advise. Here’s what we’d suggest instead.

1. Maintain open dialogue about finances.

Open communication is key. Being honest about your finances is important so that you know where each other stands and avoid conflict down the line.

2. Set priorities together.

Understand what is important to not just you, but also to the relationship as a whole. If you want to eventually get married and buy a house, for example, understanding that you want that together will help you focus on getting there together.

3. Automate your investments.

By automating your investments, you don’t have to think twice about saving for your financial future. Q.ai can help automate your investments with AI-backed strategies to help you gain diversified exposure into various consumer stocks.

Download Q.ai for iOS for more investing content and access to over a dozen AI-powered investment strategies. Start with just $100 and never pay fees or commissions.