Valentine’s Day is a holiday many people love to hate, and fewer people are celebrating it altogether. In a recent survey, 51% of Americans said they plan to celebrate it. However, Americans are spending more money than ever on Valentine’s Day gifts including candy, jewelry, and flowers for their family, friends, and significant others. The average person is expected to spend about $160 on the holiday this year.
Following is a transcript of the video:
Fewer people are celebrating Valentine’s Day, yet we’re spending more than ever on chocolates, flowers, and jewelry.
In a recent survey, 51% of people said they plan to celebrate the holiday. That’s down 4% from last year.
Americans are expected to spend over $20.7 billion on Valentine’s Day in 2019. That’s up 6% from last year.
The National Retail Federation estimates that Americans will spend:
$3.9 billion on jewelry…
$3.5 billion on an evening out…
$2.1 billion on clothing…
$1.9 billion on flowers…
$1.8 billion on candy…
$1.3 billion on gift cards…
and $933 million on greeting cards.
The average person celebrating is expected to spend about $162.People age 35-44 are the biggest Valentine spenders, averaging $279.14. People age 25-34 are the second, averaging $239.07.
And Americans can’t forget about their pets. Pet lovers are expected to spend $886 million on their furry companions.
For businesses, that means…$$$$$.
US manufacturers will ship over $33 billion worth of Valentine’s day products (as of 2016). Although Americans love to hate Valentine’s Day, it seems to be great for the economy.
#Valentine’sDay #Americans #BusinessInsider
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Fewer Americans Are Celebrating Valentine’s Day But Spending Is At An All-Time High