Does love have a price tag? ￼
By: Destiny Mouawad, Staff Reporter, The Pawprint
February is when love is in the air, couples are thinking of the best ways to spoil their loved ones and large retailers wait for the large sums of money to pool in.
Before we get into the numbers of how much we spend on a single day, what are other people buying? According to a National Retail Federation (NRA) survey, those that intend on celebrating Valentine’s day nearly 56% of them plan to spend money on buying candy, 40% will spend money on cards, 37% will spend money on flowers, and 22% will spend their money on jewelry. Though Matt Schulz, chief credit analyst at LendingTree, notes that the earlier the relationship is, the larger and potentially the more expensive the gift will be, it does not directly correlate to the love shared between one another.
Some may choose to get smaller, perhaps “…a little more practical…” gift and save their money for something more beneficial for the both of them, such as saving for a special vacation or buying a home. An item of lower expenditure on gifts is notably seen in the difference between engaged couples and married couples. Engaged couples have been estimated to spend $322 this year, while married couples are short of this amount by $100.
So what about everyone else, those far off on the married spectrum? Well, As both LendingTree and another National Retail Federation (NRF) have reported, this year Americans are likely to spend somewhere between $175 and $247 and have broken it down for us by generation:
Gen Z (ages 18-24): $164
Millennials (ages 26-41): $294
Gen X (ages 42-56): $182
Baby boomers (ages 57-76): $122
Interestingly enough, as age has increased and presumably the longer the relationship has been, those involved tend to put a lower monetary value on their love for one another. However, being older does not necessarily mean less will be spent, over those who have been in a relationship together for more than two years spend closer to $175 while those who have been together for less than two will spend upwards of $247.
While age and length of a relationship can be a factor, what about gender, do women or men spend more? In 2021 it was reported that men in the United States spent nearly $11.4 billion while women spent nearly $7.8 billion. If these numbers aren’t shocking 2020 though, pandemic ridden didn’t stop people from expressing their love for one another.
In 2020 nearly 58 million pounds of chocolate was purchased which came out to be around $2.4 billion, $2.3 billion were spent on flowers, $4.3 billion was spent on dining out, $2.9 was spent on clothing, $5.8 billion was spent on jewellery, $2 billion was spent on gift cards and our furry friends weren’t forgotten, nearly 27% of shoppers spent money on a gift for their pets, coming to a grand total of $2.7 billion.
Though receiving gifts may make one person or pet feel special and appreciated, most will agree that each other’s company with one another proved to be the most impactful with the flood of COVID-19 cases in 2020, causing most of the world to hunker down. With the leniency in regulations, individuals and couples are regaining that ease to go out for “…an evening out…” whether that be for a nice dinner or a sports game. Showing that “…gifts of experience…” are also valued as much if not more than the shiny necklace you saw walking home, a deep red bouquet of roses, happy Valentine’s day!
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