The Financial Facts of Valentine’s Day: The Cost of Love in 2015

Valentine's Day is all about love. But you might not be so in love with some of the spending that happens around this holiday each year.

Valentine’s Day is all about love. But you might not be so in love with some of the spending that happens around this holiday each year.

Valentine’s Day is synonymous with champagne, expensive chocolates and red roses. But have you ever considered how much love birds are really spending on their sweethearts each year? The National Retail Federation found that Americans spend over $17 billion on Valentine’s Day celebrations nationwide. Raccoon Valley Bank set out to find what Americans were spending on to share the love on February 14.

Who doesn’t love Valentine’s Day? Not many, according to the National Retail Federation. They found that at least 54 percent of Americans celebrate Valentine’s Day in some way. The average amount spent on candy, cards, dinner, and gifts is around $134. Men plan to spend almost twice as much on gifts alone as women, averaging $108.38 and $49.41 respectively.

Suppliers and retailers work in overdrive to meet the demand for this kind of purchasing. According to a Floral Trends Consumer Tracking Study, 257 million roses were grown for Valentine’s Day last year. The greeting card business booms as well, selling 190 million greeting cards, according to the US Greeting Card Association.

Since the debut of the Valentine’s Day chocolate box in 1868, candy has consistently been the most popular Valentine’s Day gift in America. Nearly half of all romantics will contribute to the $15 billion spent on chocolates and other sweets each Valentine’s Day.

As you can see, Valentine’s Day celebrations can add up! In order to accommodate to your budget, find alternative gift ideas to the typical chocolate, roses and jewelry. If you wait until a week or two after the special day has past, many of these items will be on sale. Surprise your loved one with a special gift in March!

Raccoon Valley Bank wants to wish you and your loved ones a Happy Valentine’s Day! Use this day to show your friends and family how special they are to you, not how much you can spend on them.

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