Consumer Behavior

Millennials are the biggest Valentine's Day gift spenders

Photo by istock.com

February 10, 2021

When it comes to buying loved ones a Valentine's Day gift the millennials are the biggest and most extravagant spenders — doling out an average of 40% more than baby boomers, Gen Xers or Gen Zers.

One reason may be that just about half, 47%, of millennials believe the cost of a gift important while just 33% of baby boomers share that view, according to a study conducted by MedicareAdvantage.com that polled 1,000 Americans.

Millennials spend about $129 on a gift, compared to $101 by Generation X consumers and $92 spent by baby boomers, according to the study.