Americans expect to spend an average of $142 on a Valentine's Day present for their significant other this year.
That's according to a survey from Compare Cards, which polled over 1,000 in the U.S. about their Valentine's Day spending expectations.
It turns out, the way to your partner's heart isn't to overspend. On average, the most people think their partner should put toward a Valentine's Day gift is $201. If they were to exceed that amount, 31% say they'd actually be "turned off."
The average amounts U.S. adults expect to spend on romantic presents differs by generation. Here's the breakdown, according to Compare Cards:
- Gen Z (ages 18 to 23 as of 2020): $82
- Millennials (24 to 39): $113
- Gen X (40 to 55): $293
- Baby boomers (56 to 74): $55
And here's how the responses differ by gender:
- Men: $249
- Women: $57
Americans plan to put a lot of money toward the love-filled holiday this year. A whopping 70% of U.S. adults in relationships plan on buying their partner a Valentine's Day gift, according to Bankrate. And as a whole, Valentine's Day spending nationwide is expected to reach $27.4 billion this year, up 32% from last year's forecasts, according to the National Retail Federation.
Despite the fact that Americans plan to pay around $142 to spoil their significant other, they also think their partner will spend just $119 in return. Still, one in 10 survey participants say they've gone into debt in order to afford a romantic Valentine's Day.
To make sure you don't go over budget this year, talk to your partner about what you both can realistically afford. By agreeing on a set amount that works for both of you, neither of you should feel guilty about spending more or less than the other.
"Feb. 14 will come and go, but the negative effects of overspending will stick around much longer," Compare Cards says. That's why you should "consider being honest with your beloved about your financial limitations and find a way to celebrate this romantic day in a way that works best for you, your date and your bank account."
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