SYRACUSE N.Y. (WSTM) — A new survey finds consumers are planning to spend big for Valentine's Day. A new bankrate.com survey found those who responded say they expect to spend $267 on the day.
The National Retail Federation is predicting consumers will spend $20.7 billion on Valentine’s Day this year. That's the most since 2016’s record high of $19.7 billion.
According to Bankrate.com, men will spend more and expect their partners to spend more on them. The survey says that men plan to spend an average of $339 on their partners for Valentine's Day. Women will spend significantly less, saying they expect to spend an average of only $64 on their partners. According to the survey, men expect their partners to spend $211 on them and women only expect their partners to spend $154.
Dr. Andrew Smiler, therapist and author, says society’s expectations of men are a big factor.
“At the cultural level, we talk a lot about men being valued for their wallet and the size of their paycheck,” says Dr. Smiler. “So the idea that they express their love through their wallet and their purchasing power, it’s kind of what we’re told by society to do.”
According to bankrate.com, millennials expect to spend about $161 on Valentine’s Day. Younger millennials, however, had the highest expectations of Valentine’s Day, with 15 percent of respondents expecting to spend $500 or more on their partners, and 18 percent expecting their partners to spend $200 to $500.