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Young valentines spend more than older lovers on Valentine’s Day

It’s rewarding to be young or in love with someone younger when Valentine’s Day comes around.

February 12, 2016

It’s rewarding to be young and in love when Valentine’s Day comes around.

That’s because the millennial generation is expected to spend more than $100 to express their love Valentine’s Day this year compared to those in a relationship for over a decade, at least 16 years, who likely aren’t going to spend a penny. Even those whose ardor may be flaring hotter as the relationship isn’t quite so mature (those couples together from six to 10 years) aren’t going to be out in droves shopping. Just one third, 33 percent, intend to buy jewelry for their loved one.

This Valentine’s Day, which arrives Sunday, Feb. 14, more than half of millennial males, 58 percent, and 28 percent of millennial females will buy at least $100 in gifts, according to a new survey from dunnhumby.

When it comes to gifts, 40 percent of millennial men will be heading to the jewelry counter while females, 51 percent, will be hitting the confection aisles.

Older Americans will be spending less, with just 55 percent ages 35 to 44 splurging above $100 and just 27 percent of those 45 and older plan to splurge that amount.

Apparently the gift chosen reflects the relationship timeframe, as the survey claims those involved for one to five years will likely be buying an ‘experience,’ such as a cooking class or kayak trip. Those together six to 10 years will be visiting Victoria’s Secret or other sexy clothing shops.

Yet traditional love gifts are still tops with greeting cards the prime seller, followed by chocolates and flowers. Most Americans aren’t rushing out at the last minute with 29 percent shopping at least two weeks before the big day and 31 percent shopping the week before.

Over half of American plans to spend a special Valentine’s Day meal together while 30 percent will be cooking at home.

Additional key findings of dunnhumby’s Valentine’s Day survey include:

• 65 percent of people celebrating Valentine’s Day will be doing so with their spouse or partner, while 24 percent will celebrate with their children
• "Galentine’s Day" (and the male equivalent) has caught on among young consumers — 15 percent of men and 11 percent of women aged 18-24 plan to celebrate the holiday with close friends
• 51 percent of female millennials (aged 18-34) plan to buy chocolate for Valentine’s Day, and plan to spend less than male counter parts: only 28 percent intend to spend more $100 or more
• The reliable department store was the most popular place to buy gifts (46 percent), followed by the mall (25 percent) and online (25 percent), while 20 percent plan to buy their gifts at a drug store and 13 percent plan to buy their gifts at a dollar store

In another Valentine’s Day survey, which polled 3,000 Americans, conducted by Finder.com, respondents in Kansas spent the most on their partners on Valentine's Day, with an average spend of $117, and residents in New Hampshire spent the least, an average of $31.