Increases in Spending, Marriage Proposals Expected on Valentine’s Day

Motivated by growth in the US economy, 76 percent of US consumers say they are willing to spend money to celebrate Valentine’s Day this year, compared with 74 percent in 2014. Moreover, these consumers plan to spend an average of $296 on gifts, almost 40 percent more than last year. Men in particular say they’ll spend an average of $380, up 38 percent from last year, compared to women’s average expenditure of $213. Though this is a lower amount, it is still up 36 percent from 2014.

According to American Express, more men are taking Valentine’s Day seriously this year, with 49 percent of those surveyed saying the holiday is an important time to celebrate their relationship (compared to 35 percent in 2014). Meanwhile, more women seem to be easing up, as only one third of women feel it’s an important day to celebrate their relationship (vs. 30 percent in 2014); instead, 42 percent of women surveyed believe that Valentine’s Day is fun but not a major occasion (compared to 41 percent in 2014).

To commemorate the holiday this year, 56 percent of the men surveyed will purchase a Valentine’s Day gift, compared to 49 percent in 2014). The most popular gifts men will reportedly buy their spouse/significant other include: flowers (56 percent vs. 54 percent in 2014); greeting card (48 percent vs. 57 percent in 2014); jewelry (27 percent vs. 24 percent in 2014); and a gift card (21 percent vs. 14 percent in 2014).

“With the economy improving, Americans say they’re feeling more comfortable with their finances, and this time of year, that translates to more proposals and presents for Valentine’s Day,” said David Rabkin, Senior Vice President of Consumer Lending Products, American Express. “Retailers and restaurants may see more traffic than last year, and male customers in particular say they’ll invest top dollar in the holiday, whether through gifts or shared experiences.”