The latest data from American Express’ Spending & Saving Tracker revealed Valentine’s Day spending is expected to reach $37 billion as more Americans plan to spend for the holiday.
Approximately 75 percent of U.S. consumers polled in the tracker said they will participate in Valentine’s Day, up from 69 percent in 2013. While more couples plan to participate this year, more consumers indicated that while the holiday is fun, it is not a real occasion—35 percent, compared to 30 percent in 2013.
Average spending this Valentine’s Day is expected to total $213, down from $239 last year. Sixty percent of Americans plan to purchase a gift, 53 percent expect to go out to dinner, 32 percent plan to prepare a special meal at home and another 24 percent plan to go to the movies to celebrate the holiday.
Of couples polled in the tracker, half of the 19 percent who plan to be engaged by year’s end expect to receive or plan their proposal on Valentine’s Day. Consumers indicated that the average appropriate cost for an engagement ring is $2,311, slightly lower than last year.
“More Americans are marking the Valentine’s Day holiday with something special for their someone special,” David Rabkin, the senior vice president for consumer lending products at AmEx, said. “Valentine’s Day is still a major retail driver, and merchants will likely see a boost on spending for romantic items and experiences this year as consumers have more fun with their holiday plans.”