Valentine’s Day 2019 sees fewer givers, greater spending

Local News
valentines day3 - mgn_1550056739005.JPG.jpg

[eMarketer] This year, US Valentine’s Day gift-givers will spend a record-breaking $20.7 billion, according to the National Retail Federation.

That survey also found that consumers will spend, on average, roughly $162 per person.

Those ages 35 to 44 will be the biggest valentine spenders, at $279, followed by 25- to 34-year-olds, who will spend $239.

A January 2019 Valentine’s Day survey from Bankrate had similar findings — younger millennials (those ages 23 to 29) and Gen Xers lead spending, expecting to average $267 per person on holiday purchases.

Of more than 1,000 consumers surveyed, Bankrate found that nearly one-fifth of younger millennial respondents expect their partner to spend $200 to $500 on gifts.

Younger millennials’ “sky-high expectations could be a result of how tapped the generation is into social media,” Bankrate noted. Millennials feel the pressure to keep up with their friends’ spending habits, and 57% say they parted with money they hadn’t planned to spend because of what they saw on their social media feeds, according to Allianz Life Insurance Company of North America data published in February 2018.

A November 2018 survey from Finder found that consumers will spend roughly $236 on themselves this Valentine’s Day — more than triple last year’s $71.

“It’s pretty telling that people who spend on ‘myself’ would be quite generous about it. Boyfriends, girlfriends and even spouses may come and go, but one’s self is always there as a loved one,” said eMarketer senior analyst Mark Dolliver.

For the full eMarketer article, click here.

For the latest breaking news and stories from across the Tri-State, follow Eyewitness News on Facebook and Twitter.

(This story was originally published on February 13, 2019)

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.