Candy and flowers add up
The U.S. economy loves Valentine’s Day.
A new survey from the National Retail Federation (NRF) projects U.S. consumers will spend a total of $18.2 billion on their valentines this year. Over $4 billion of that will be spent on jewelry alone, with another $2 billion on flowers. Consumers are also expected to spend on cards, clothes, and an overall nice evening out on Feb. 14.
This amount is actually down from the estimated $19.7 billion consumers spent last year, according to the NRF. The average consumer spent $146.84 in 2016, while individuals are expected to spend an average $136.57 this year.
If you can’t shell out for jewelry or flowers, consider chocolate: 94% of people celebrating reportedly want to receive candy and chocolate, according to WalletHub. Twenty-percent of consumers are also planning to gift their valentines something for their pets.