Americans plan to spend $26 billion on Valentine’s day 2023

Americans plan to spend $26 billion on Valentine’s day 2023

Valentine’s Day 2023: People say that money cannot buy love. But, Americans do not believe in such sayings. On Valentine’s day 2023, the United States is ready to spend all the cash as they intend to shower their loved ones with greetings and gifts. 

According to an annual survey, America’s projected spending on Valentine’s day 2023 would be $25.9 billion. The National Retail Federation survey says that the predicted sales for Valentine’s day 2023 are around $2 billion higher than the previous year. Since NRF started tracking sales in 2004, Valentine’s day 2023 will be the year with the second-highest sales, CNBC reported. 

Over 50 per cent of the respondents plan to celebrate Valentine’s day. However, not all plan to spend money on the day when lovers express their affection towards each other. 

If you are planning to gift something to your other half on Valentine’s day, don’t go into debt for love, said a financial expert. Here’s a glimpse of the projected amount people will spend purchasing a gift for their other half. 

Money and love are not mutually exclusive, but they aren’t co-dependent either. Both entities have shared a different bond since the existence of humankind. However, millennials think they can win over their partner’s heart by buying expensive presents for them. 

Millennials, or people between the age of 35 to 44, will spend an average of $336 to celebrate Valentine’s day 2023. The projected spendings are the highest amongst all age groups. 

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The next in line are the people between the age of 25 to 34 who plan to buy gifts worth $238. Both groups are above the average overall spending of $193. 

Cliche gifts like chocolates, greeting cards, and candies are still trending for Valentine’s day 2023. The survey asked the people who plan to celebrate about their gift preferences. It turns out 57 per cent of the people chose Candy as the optimal gift for their partner on Valentine’s day 2023. 

Candy is followed by a greeting card, flowers, and an evening out. The other less preferred options are jewellery, gift cards and clothing. However, experts believe that you must gift something your partner loves and your budget appreciates. 

(With inputs from agencies)