By Kamaron McNair -
CNBC
They say that "love costs nothing", but it seems that this February 14 people in the United States are willing to invest a lot of money to show their affection.
Whether in chocolate hearts or romantic dinners,
Consumers
plan to spend $25.9 billion this Valentine's Day
, according to the National Retail Federation's annual survey.
This figure is higher than the 23.900 million dollars of 2022 and represents the second year of highest spending since the agency began to study the expenses in 2004.
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Just over half of those surveyed plan to celebrate Valentine's Day, but not all of them will allocate money to it.
Although if you want to show your affection for her with a gift or an outing, "never go into debt for love," advises financial expert Pattie Ehsaei.
Better known as TikTok's “Duchess of Propriety,” Ehsaei uses her more than 20 years of experience in legal and financial services to offer advice on money, careers, and social etiquette.
Not going into debt for love is her “financial rule number 1 for relationships”.
We count what may be the most common gifts this year and how much consumers plan to spend on average on the 'day of love and friendship':
Millennials Plan to Spend About $300 on Valentine's Day
If money could buy love, millennials would have the most successful romantic relationships.
People ages 35 to 44 expect to spend an average of $336
to celebrate Valentine's Day, the highest budget among all groups surveyed.
They are followed by consumers between the ages of 25 and 34, who
are willing to invest an average of $238
.
Both groups exceed the general average of $193 that the other groups will spend on Valentine's Day.
Younger couples plan to spend $200-$300 on this holiday.Nicolas Fuentes/500px/Getty Images/500px Prime
A lot has changed over the years, but classics like chocolates are still all the rage, while candy and greeting cards top the list of what consumers will buy in 2023.
Here are the most popular items consumers expect to buy on February 14:
🍫
Sweets: 57%
💌
Greeting cards: 40%
🌹
Flowers: 37%
🍷
A night out 32%
💍
Jewelry: 21%
💵
Gift cards: 20%
🛍️ Clothes: 19%
Gifts to take care of the pocket
Some consumers may buy more than just chocolates and flowers.
Valentine's Day was the most popular day to get engaged in 2020, according to wedding planning website Wedding Wire.
When it comes to shopping for an engagement ring, you'll definitely want to plan ahead.
The average price of an engagement ring in 2021 was $6,000, The Knot 2021 Jewelry and Engagement Study revealed.
Before getting engaged, couples should have an honest conversation about finances, Ehsaei recommends.
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“This conversation is to make sure both parties are on the same page when it comes to spending expectations and limitations, including the wedding commitment, which takes the awkwardness and guesswork out of the way,” he says.
And if the math doesn't add up, Ehsaei suggests looking at cheaper alternatives.
"Don't buy a natural diamond engagement ring," she advises.
Lab-grown diamonds or moissanite can be affordable alternatives that will impress your partner.
“That money can be used for so many other things, like a down payment on a house, paying off debt, or saving,” she says.
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There are also cheaper alternatives for other types of gifts.
Instead of sending fresh roses, try dried roses, Ehsaei says: "Dried roses are less than half [the price of fresh ones] and last for months, sometimes years."
If you want to make a dinner reservation,
look for Valentine's deals on discount sites like Groupon.
When shopping, “you don't have to spend a lot of money to be romantic,” Ehsaei explains.
If she'll be exchanging gifts with her partner, try to agree on a budget together, she suggests.
Thus, "no one will spend more than necessary and will not have to worry about the value of the gift."
