Fewer people than ever are participating in Valentines Day, and yet they will be spending more money than ever before! Spending for the holiday is expected to top $20 billion in revenue this year.
What Are We Spending On?
Round up the usual suspects, because on Valentines Day people spend the most money on exactly what you expect them to!
55% plan on buying candy
44% will buy a card of some kind
35% say they will buy flowers
34% plan on a Valentines Day night out
18% will buy clothing or jewelry
15% play it safe with a gift card
How Much Are We Spending?
Here is a yearly breakdown of the average cost of a 2-person date for Valentines Day, year over year.
1955: $9.87
1965: $11.66
1975: $18.94
1985: $35.37
1991: $43.48
1997: $49.52
2001: $52.89
2005: $57.59
2010: $63.45
2012: $66.24
2015: $68.34
2018: $70.32
Why is Valentines Day So Expensive?
Moneywise did a “Cost of Love” Index to determine the cost of purchasing all the traditional Valentines trappings: chocolates, diamonds, roses, champagne, and a fancy dinner.
For 2019 the cost of all that was $604.52
With participating in the holiday falling gradually over time, the prices keep rising to offset that difference.
Because the day is one where certain things are expected (or demanded) retailers always jack the price sky-high at this time of year. In August, for example, one could probably find a dozen red roses for $25 or less… but around Valentines Day the average cost is $98.
Even if you don’t plan on buying diamonds or jewels, you still need to spend a substantial amount of money. Greeting cards for the day can cost as much as $12!
It’s a wonder you don’t have to take out a loan to pay for it all.