Don’t tell Cupid, but Americans plan to spend less money on their valentines this year, according to a new survey from the National Retail Federation.
The share of consumers planning to celebrate the holiday this year held steady at 54 percent compared to last year, but that rate has fallen by nearly 10 percentage points over the past decade.
Those who are buying Valentine’s Day gifts plan to spend an average if $137, down $10 from last year’s record high. Total spending is expected to hit $18.2 billion, a $1.5 billion drop from last year, according to the NRF.
By comparison, Americans planned to spend $172 each last year for Mother’s Day, and $125 each for Father’s Day.
“Valentine’s Day continues to be a popular gift-giving occasion, even if consumers are being more frugal this year,” NRF president and CEO Matthew Shay said in a statement. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget.”
Those spending for Valentine’s Day plan to spend an average of $85 on their significant other; $27 on other family members; and $7 on children’s classmates and teacher.
Jewelry remains the most popular gift, with nearly one in five consumers planning to purchase baubles for the holiday, for a total spend of $4.3 billion. Consumers will also spend a cumulative $3.8 billion on a date nights and $2 billion on flowers.