Millennials expect to go all out for their partners this Valentine's Day. They also expect to be showered with gifts in return. And you can blame social media for it.
That's the finding of a new survey from Bankrate.com, which polled 1,019 people by phone last month.
Participants in the 23-to-29 age cohort anticipate spending an average of $266 on that special someone. They also think their partner will drop $260 on them.
"They are the generation most likely to spend the most," said Kelly Anne Smith, a personal finance reporter at Bankrate.com, speaking of millennials. "It makes a lot of sense: That generation is tapped into social media, which influences consumer spending."
Moreover, seven out of 10 American adults say they'll shell out an average of $200 on flowers, candy and more on Valentine's Day, Bankrate found.