Americans Will Spend $208 On Their Significant Other This Valentine's Day Up 44%
Wednesday, February 2nd, 2022
After the pandemic kept Cupid — and many couples — in quarantine last year, Valentine's Day is back in a big way for 2022. This year, American lovebirds expect to spend 44% more than last year and nearly 4 in 10 are planning a romantic restaurant date, according to a new LendingTree survey of nearly 2,100 Americans.
- Valentine's Day spending is up 44% compared to last year. On average, those with a significant other plan to spend $208, up from $144 in 2021 and $142 in 2020.
- Spending for Valentine's Day peaks among couples who have been together for one to two years ($247), then creeps back down. As for other demographics, six-figure earners ($413), men ($299) and millennials ($294) plan to spend big.
- Nearly a third (30%) of partnered consumers say it's at least somewhat likely they'll incur credit card debt due to Valentine's Day spending. Of that group, 43% would hide the debt from their partner.
- About 3 in 10 (31%) Americans have spent more than they can afford on past Valentine's Days to impress a significant other. Along those lines, 30% think Valentine's Day debt is worth it (37% of men agree versus 24% of women).
- Dining out is back: 37% of couples will celebrate the holiday by going out for a special dinner, up from 26% last year. Similarly, fewer couples say they are skipping the holiday to save money this year (31%, down from 39% in 2021).
"Inflation is generally making everything more expensive, so I'm not surprised that spending is expected to be higher than previous years," says Matt Schulz, LendingTree's credit card expert. "Plus, it's a vaccinated Valentine's Day so people may feel a little more comfortable going out and spending on dining out, shows and other typical celebratory trappings that they might have shied away from the past couple of years."
To view the full report, visit: https://www.lendingtree.com/credit-cards/study/valentines-day-spending-survey/.
LendingTree commissioned Qualtrics to conduct an online survey of 2,100 consumers from Jan. 11-14, 2022. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
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