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Americans plan to spend billions of dollars on Valentine’s Day expenses in 2023.
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It’s already February, which means Valentine’s Day is quickly approaching. Many couples like to celebrate the holiday together. A recent study by the National Retail Federation examines how Americans plan to celebrate the occasion this year and how much they plan to spend on holiday expenses. Find out how much the average American plans to spend on Valentine’s Day in 2023. The answer may surprise you.
Americans plan to spend $26 billion this Valentine’s Day
The National Retail Federation and Prosper Insights and Analytics have been tracking consumer Valentine’s Day spending since 2004. The most recent study found that Americans are expected to spend $25.9 billion this year, which is up from 2022’s $23.9 billion.
The same study also found that 52% of American consumers plan to celebrate Valentine’s Day and will spend an average of $192.80 in 2023. This figure has also increased, up from $175.41 in 2022. How much do you plan to spend?
You don’t have to spend a lot of money. If you’re feeling added financial strain this year due to rising living costs, please know that you’re not alone. There are plenty of ways to celebrate Valentine’s Day without ignoring your personal finance goals. Don’t be afraid to get creative.
Four ways to celebrate love when you have a limited budget
Don’t let budget limitations get you down. You can have fun celebrating Valentine’s Day with friends, family, or your partner without going broke. Here are a few affordable ways to observe the holiday without draining your checking account.
Have fun at home: You don’t have to go out for Valentine’s Day. Plan a fun adventure at home with your favorite person. You can watch movies, cook a meal together, work on a puzzle, play board games, make ice cream sundaes, or whatever your hearts’ desire. It’s the thought that counts.Make a game out of it: Set a budget and go shopping together to load up on date night finds. Let’s imagine you have a $30 budget. You can take a trip to Target to shop and surprise each other. Split up, stroll the aisles, and pick out $15 worth of items each. It’ll make for an exciting adventure and a memorable Valentine’s Day.Look for dining and drink deals: If you want to go out this year, keep an eye out for dining and drink discounts in your community. You may be able to take advantage of Valentine’s Day dining specials to keep your spending to a minimum. Another option is to plan a date night happy hour evening with your sweetie.Exchange handmade gifts. If you’re looking for a frugal yet thoughtful way to celebrate Valentine’s Day, you may want to exchange handmade gifts with your love. This is an excellent way to honor your relationship creatively and makes for a meaningful gift.
Don’t feel pressure to overspend
Valentine’s Day is just over a week away, but that doesn’t mean you should ignore your budget. Whether you plan to go out with friends or enjoy a date with your partner, don’t feel pressure to spend more than you can afford. It’s never a good idea to go into credit card debt buying gifts. Instead, keep your finances top of mind and have fun coming up with budget-friendly ideas.
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