Valentines Day spendingis expected to reach $23.9 billion in 2022, the second-highest year on record, according to the National Retail Federation.
On average, Americans will spend$175.41 on candy, cards, flowers and other romantic gifts, up from $164.76 in 2021.
Those in a relationship will shell out even more averaging $208 for their significant other, according to a separate LendingTree survey of nearly 2,100 adults.
Inflation is generally making everything more expensive, so Im not surprised that spending is expected to be higher than previous years, said Matt Schulz, LendingTrees credit card expert.
A dozen roses, for example, which can cost around $100 on Valentines Day could be even more expensive now, particularly if they are imported. The same goes for a heart-shaped box of chocolates and, of course, jewelry.
Already, when it comes to spending, most people are being careful with their discretionary purchases and less inclined to rely on plastic 17% fewer Americans think a Valentines Day gift is worth going into credit card debt this year compared to last year, WalletHub found.
In fact, financial stability may be the sexiest gift of all.
People want to date people who are financially responsible, especially as the Covid-19 pandemic continues to put stress on many Americans wallets, said WalletHub analyst Jill Gonzalez.
Almost a third of people say that money matters more to them in a relationship now than it did before, WalletHub found.
Some of the biggest turnoffs when it comes to romantic partners are irresponsible spending and bad credit, Gonzalez said.