Valentine's Day is synonymous with fancy dinners, boxes of chocolate and flowers -- but how much do love birds really spend on their significant others? A new survey has the answer.
The National Retail Federation polled 6,417 consumers in early January 2014 to ask about their Valentine's Day plans. It turns out, 54 percent of Americans will celebrate with loved ones this year and the average amount they will spend on candy, cards, dinner and gifts is $133.91. That number is slightly higher than last year's average of $130.97.
However, men plan to spend twice as much as women on gifts alone -- $108.38 compared to $49.41, respectively.
In total, the survey estimates that Americans will spend close to $17.3 billion celebrating love.
“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 NRF President Matthew Shay in a press release.
Another survey, the American Express Spending & Saving Tracker, came up with significantly higher numbers. Their poll of 1,504 adults (some of which had household incomes of $100,000 or more) concluded that Americans will spend an average of $213 on their loved ones, and total spending will reach $37 billion!
The AmEx poll also estimated that of the 13 million Americans getting engaged this year, 6 million will be proposed to, or plan to propose, on Valentines Day.