Question of the Day (Updated): How much did 18-24 year olds expect to spend on Valentine's Day?
- Which age group(s) plan to celebrate the most?
- Which age group is expecting to spend the most?
- What do you think are the most common items purchased on Valentine's Day?
- Try and name 5 and estimate their cost.
Behind the numbers (National Retail Federation):
As consumers in the United States bought heart-shaped treats and made Valentine’s Day plans last year, the coronavirus was just a blip on the horizon. Twelve months later, shoppers have become expert at adapting to the long shadow of a pandemic that upended everything from daily routines to special events and celebrations.
Given that environment, it comes as no surprise that consumers are changing how they spend on Valentine’s Day this year. According to NRF and Prosper Insights & Analytics’ annual Valentine’s Day survey, consumers plan to spend an average $165 on Valentine’s Day gifts and celebrations — $32 less than they budgeted last year. Yet despite this drop, it is still the second highest Valentine’s Day in terms of expected spending and comes on the heels of a record-setting winter holiday season. Our research revealed three ways consumers are marking the occasion differently this year.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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