(CBS Local/WCCO) — Americans are expected to spend a record amount on Valentine’s Day this year, despite the fact that a smaller percentage of people are actually celebrating the holiday.
That’s according to an annual survey released by the National Retail Federation and Prosper Insights & Analytics.
“The vast majority of Valentine’s Day dollars are still spent on significant others, but there’s a big increase this year in consumers spreading the love to children, parents, friends and coworkers,” NRF President and CEO Matthew Shay said. “Those who are participating are spending more than ever and that could be the result of the strong economy. With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy.”
Surveyed individuals say they would spend an average of $161.96, which is up 13 percent from last year’s $143.56.
Total spending in the United States will likely hit $20.7 million, which is a 6 percent increase over last year.
Only 51 percent of Americans actually plan on celebrating the holiday. That’s down from 55 percent last year.
As in each year of the survey, men are the biggest spenders at $229.54, which is up 20 percent from last year. It’s more than double the $97.77 women said they’d spend.