Experts expect $22B in Valentine’s spending, averages $165 per person
(NBC News) — Americans plan to spend big on love this week, despite the pandemic.
Personal finance website WalletHub is forecasting $22 billion in Valentine’s Day spending, with the average person spending $165.
Nearly four billion dollars will be spent on candy.
“Chocolate and candy is a very resilient category, and people are looking to treats for their emotional well-being throughout the pandemic,” says Carly Schildhaus of the National Confectioners Association. “It brings them a little bit of joy and a little bit of normalcy in an otherwise uncertain time.”
WalletHub also predicts that men will shell out more, even if they don t have the money.
Men are projected to spend around $231, while women are projected to spend $101 on their significant other.
“Men actually are nearly two times more likely than women to go into credit card debt buying a valentine’s day gift,” says WalletHub analyst Jill Gonzalez.
The WalletHub survey found there’s an irony in that.
“Financial irresponsibility also is not attractive,” Gonzalez says. “About 44% of people said that they think they’re irresponsible spending is a bigger turn off and bad breath.”
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