Consumer Behavior

Inflation playing role in Valentine’s Day spend

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February 12, 2024

The Cupid holiday is fast approaching and 82% of American couples plan to buy gifts for their partner for Valentine's Day this year. The average spend will be $180, according to a LendingTree survey that also revealed a third of those polled may take on credit card debt for the purchases.

The $180 spend is just shy of last year's $187, according to a release on the Valentine's Day spend survey. Men expect to spend an average of $248 while women expect to spend $155.

"Inflation and rising interest rates are playing a role," LendingTree Chief Credit Analyst and personal finance author Matt Schulz said in the release. "The unfortunate truth is that you'll likely have to spend more this year to get the same things you got for last Valentine's Day, so the small reduction in spending we're seeing is a bit bigger pullback than it might appear. It's understandable, though. High prices and tight budgets require sacrifices, and some people may see Valentine's Day as an opportunity to dial back their spending."

Among those considering using credit to make purchases, nearly half, 48%, won't tell their partner. When it comes to gifts the most wanted are experiential, such as travel or dinner.