The National Retail Federation found that Americans spend over $17 billion on Valentine’s Day celebrations. But showing love on Valentine’s Day doesn’t mean you need to blow your budget. Let Alpine Bank help you. Check out some of the facts about buying a Valentine’s Day gift this year.
- Gender counts
In 2014, gift givers planned to spend an average of $134 on Valentine’s Day, with men saying they would spend an average of $108.38 while women said they would spend $49.41. Additionally, research from the University of Minnesota’s Carlson School of Management found that men tend to spend more on gifts when there is a lower female population near them.
- Roses may be cheaper
The price that florists pay for roses can double on Valentine’s Day, which carries over to consumers. But since Valentine’s Day is on a Saturday this year, prices may be lower. Why? When the holiday falls on a weekend, there is 20% less demand because men have more time to plan.
- You’ll pay more for chocolate
The cost of cocoa rose sharply in 2014 due to the rising global demand and fear of depleting supply. In July, Hershey’s started charging 8 percent more for their goods while the price of Mars products increased by 7 percent. The National Retail Federation found that almost half of all romantics buy chocolates for Valentine’s Day.
- Quality time is more precious than money
If you are reluctant to drop too much cash on a decadent box of chocolates or bouquet of roses, don’t feel bad! Activities that bring you closer together often make loved ones happier than buying expensive gifts.
- Talk money
Having a discussion about money may not sound very romantic, but a 2014 survey by the credit bureau Experian found that 73 percent of women and 60 percent of men found their significant other more attractive when they were willing to talk about personal finances.
Don’t get so caught up in the gift-giving part of Valentine’s Day that you forget about its real purpose. Turn it back into a celebration of love, not an empty bank account. Happy Valentine’s Day to you and your loved ones from Alpine Bank!