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Valentine's Day spending is expected to double since last year—here's who is splurging the most

RetailMeNot found that shoppers purchasing gifts this Valentine's Day expect to spend $163.

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Shoppers purchasing gifts for Valentine's Day expect to spend $163 on their significant other this year, a recent study from RetailMeNot found. This anticipated spend is nearly double from last year's holiday, when shoppers had planned to spend $85.

Despite the tough economic challenges amid the pandemic, spending on our sweethearts this Valentine's Day is up. And in fact, it may just be the pandemic that is affording people to splurge more than they did in years prior.

"I suspect people are spending almost double this year because they aren't traveling as much, going to concerts, dining out, etc., so they have additional resources and are choosing to spend money on other things, in this case Valentine's Day gifts for others they appreciate," Sara Skirboll, RetailMeNot's shopping & trends expert, tells Select.

RetailMeNot's study also revealed how shoppers' relationship statuses play into their willingness to spend. Engaged couples reported planning to spend $243, while newlyweds earmarked $317 for their partner and partners married for over 10 years allocated $467.

No matter your relationship status, below we round up some spending tips as you head into your love-filled weekend.

Spending tips for this Valentine's Day

With the continued social distancing and travel restrictions at play, a quarantine Valentine's Day this year surely makes it different from all the other years of celebrating. You can still show affection for your significant other even by staying at home.

Here are a few spending tips Select rounded up for this unique Valentine's Day:

  • Use a credit card that rewards your spending on takeout for two: Restaurants in your area may be opening up (if not already), but RetailMeNot predicts that more couples will stay in. If you have a Chase credit card, such as the Chase Sapphire Reserve®, Chase Sapphire Preferred® Card or Chase Freedom Unlimited®, you can take advantage of your $60 DoorDash credit for delivery.
  • Open a new credit card and score special V-Day deals immediately: The American Express® Gold Card is now offering an up to $120 Uber Cash benefit ($10 per month) to pay for Uber Eats orders.* Plus, this weekend, Amex is teaming up with Uber Eats and fried chicken restaurant Fuku to release a limited-edition Rose Gold Meal. Access this meal through Uber Eats at participating locations in New York and Los Angeles from February 13 to 14 to get a gold-dusted Knockout Sando, bubbly beverage, custom candle and dessert. The Amex Gold Card is one of many Amex cards that offers instant access once approved so you don't need to wait for the credit card to arrive in the mail. Terms apply.
  • Get cash back on a flower delivery for your significant other: Many credit card issuers offer rewards programs that give cardholders discounts at certain restaurants, clothing stores and hotels, when you meet spending requirements. Amex cardholders have access to Amex Offers for deals with vendors like 1800flowers.com where they spend $50 or more and get $10 back. Amex Offers vary by location and change frequently.
  • Give your partner something to look forward to with a future of free flights: Surprise your partner by signing up for the Southwest Rapid Rewards® Plus Credit Card, Southwest Rapid Rewards® Premier Credit Card or Southwest Rapid Rewards® Priority Credit Card. New cardholders can earn 40,000 bonus points after spending $1,000 on purchases in the first three months your account is open.

Bottom line

While Valentine's Day spending is up this year, you can take advantage of rewards to make it an affordable special occasion. That credit card sitting in your wallet likely offers some type of special offers, points or cash back so both you and your loved one earn more when you spend this weekend. And if you're looking for a new card with offers, there is still a little time to apply.

*American Express® Gold Card Uber Cash benefit is only applicable to U.S. Eats orders and rides. Card must be added to the Uber app to receive the Uber Cash benefit.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.