Don’t Let Cupid’s Arrow Ruin Your Finances
With Valentine’s Day quickly approaching, the thought of love and spending money is in the air. More Americans are expected to celebrate the occasion this year, but with the economy remaining sluggish at best, consumers are showing affection toward reduced budgets and home-cooked meals.
Americans are estimated to spend $37 billion this Valentine’s Day, according to the latest American Express Spending & Saving Tracker survey. Seventy-four percent of consumers say they will participate in the holiday, up from 69 percent last year. However, spending per person is expected to average $213 in 2014, down from $239 in 2013. Americans are also feeling less pressure to have the so-called perfect Valentine’s Day, as more couples agree that it’s a fun holiday and not a major occasion.
“Valentine’s Day will continue to be a popular gift-giving event, even when consumers are frugal with their budgets. This is the one day of the year when millions find a way to show their loved ones they care,” said National Retail Federation President and CEO Matthew Shay in a press release. “Consumers can expect Cupid’s holiday to resemble the promotional holiday season we saw just a few months ago, as retailers recognize that their customers are still looking for the biggest bang for their buck.”