Valentine’s Day is all about love, often in the form of gifts. But just how much money are Americans spending on their significant others?
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WalletHub found people across the country profess their love to the tune of more than $27.5 billion each year. It averages out to about $188 per person.
The day of love is the third priciest holiday on the calendar.
$6.5 billion will be spent on jewelry. $5.4 billion will be spent on a special night out.
And sometimes, people are given gifts they don’t like; $8.7 billion will be spent on unwanted gifts.
An estimated $1.7 billion will be spent by Americans on gifts for their pets.
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The personal finance company found that millennials spend the most on average. They’re followed by Gen Zers, Gen Xers, and then Baby Boomers who spend the least on gifts.
To pay the giant price tag, 33% of Americans anticipate having credit card debt because of Valentine’s Day spending.
48% of them plan to hide it from their significant other.
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