Chocolate prices may be going up for Valentine’s Day, but according to a new study it’s not getting in the way of love. Sweethearts are spending more this year on everything from chocolate and flowers to engagement rings.
The new American Express Spending & Saving Tracker shows that the economic upswing has freed people up to follow their hearts, with 14 million Americans expecting to get or make a marriage proposal on February 14th.
Even if wedding bells aren’t calling, 76% will be heading to the stores for some holiday shopping. On average they plan on spending $296, nearly 40% more than they did last year. Nearly half of the respondents said that they thought it was essential to celebrate their relationship (49% vs. 35% in 2014).
What will they be picking up? Old standards are still in style:
Flowers (56% vs. 54% in 2014)
- Greeting card (48% vs. 57% in 2014)
- Jewelry (27% vs. 24% in 2014)
- Gift card (21% vs. 14% in 2014)
Love American style
Men are feeling particularly romantic, and are pulling out all the stops with an average budget of $380, up 28% from last year. Nearly half of the men said that they thought it was essential to celebrate their relationship (49% vs. 35% in 2014).
While men are definitely taking Valentine’s Day seriously, women are a bit more casual about the holiday with just a third saying it’s a time to celebrate their relationship. Many women said that while it’s a fun holiday, it’s not a big deal.
What’s in store?
Men are in charge with 57% planning the festivities, whether that means a romantic dinner, a movie night or a twirl around the ice skating rink. Just 40% of women are taking the lead this holiday.
Trolling shops looking for the perfect gift is a must for many, but there are other plans in the works too.
The American Express Spending & Saving Tracker was conducted January 15 to 18, 2015, online with 1,713 adult participants.