When we think of Valentine’s Day, we usually imagine fancy dinners with champagne, boxes of decadent chocolates and red roses. But how much do love birds really spend on their Valentines? A National Retail Federation survey found that Americans spend over $17 billion celebrating love. Manufacturer’s Bank and Trust set out to find some of the financial facts about Valentine’s Day you may not have known.
According to the National Retail Federation, 54 percent of Americans celebrate Valentine’s Day with loved ones. The average amount spent on candy, cards, dinner, and gifts is almost $134. Most of that bill falls on men as they plan to spend $108.38 on gifts alone, compared to the $49.41 women plan to spend.
In order to meet the demand for this kind of spending, suppliers and retailers are thrown into overdrive. According to a Floral Trends Consumer Tracking Study, 257 million roses were grown for Valentine’s Day alone in 2014. The US Greeting Card Association cited that 190 million greeting cards are exchanged in the United States on Valentine’s Day.
Traditionally, the most popular Valentine’s Day gift in America is candy. Half of all romantics will contribute to the $15 billion spent on sweets each Valentine’s Day. Richard Cadbury introduced the first Valentine’s Day chocolate box in 1868. This is the same man who founded the Cadbury chocolate company that we enjoy yet today.
Who doesn’t love Valentine’s Day? According to this data, it seems there are very few people who don’t celebrate in some way! No matter what you decide to give your sweetie this year, make sure you get something. A poll by the women’s website, iVillage, found that eight out of 10 women expect a gift for Valentine’s Day. To make these love celebrations fit your budget, find alternatives to typical chocolate and roses gifts or wait until Valentine’s Day is past. For more advice on budgeting and spending, stop by Manufacturer’s Bank and Trust! We are always ready to answer any questions you have.