Valentine’s Day: Who Spends the Most?
This year, men are continuing the pattern of spending more than their female counterparts, with the average boyfriend or husband expected to spend an average of $175.61 on gifts and food. Women are predicted to spend an average of $88.78.
The most recent survey of spending by social group, conducted in 2012, showed that, of those planning on buying Valentine’s Day gifts, 18-24-year-olds spent the most, closely followed by those over 65 years of age and 25-49-year-olds.
The age group spending the least was 50-64-year-olds, who planned to part with an average of $98.7 – significantly less than the $132.1 spent by 18-24-year-olds. This may be a reaction by this particular demographic to the effects of the recent economic downturn. Surveys conducted throughout the recession showed that, in the US, people over 40 were the most impacted by the financial implications of the credit crunch, with many facing unemployment and negative equity, factors that do not affect as large a proportion of younger or older citizens.
Valentine’s Day Spending Trends
Regardless of who is spending – and on what, Valentine’s Day gift sales remain an important boost for both online and traditional shops, with retailers hoping that the economic effects of the current fiscal year will result in an even greater increase in spending in 2014.
Brown, S. and Grannis, K. Cautious Consumers Keep Cupid at Bay This Year, According to NRF. (2013). National Retail Federation. Accessed on February 3, 2013
Visa, Inc. 2012 Valentine’s Day Spending Survey. (2012). Practical Money Skills for Life. Accessed on February 3, 2013.
Farfan, B. Valentine’s Day Buying and Spending Trends. (2012). About – Retail Industry. Accessed on February 3, 2013.© Copyright 2013 Amanda John, All rights Reserved. Written For: Decoded Science