Americans Will Spend $208 On Their Significant Other This Valentine's Day, Up 44%

Rhea-AI Summary

According to a recent LendingTree survey, Valentine's Day spending is set to rise by 44% this year, with couples planning to spend an average of $208. This increase follows a dip during the pandemic. Notably, spending peaks at $247 among couples together for one to two years. A significant portion of consumers (30%) anticipate incurring credit card debt due to this spending, with dining out gaining popularity—37% of couples opting for a special dinner out compared to 26% last year. The survey highlights a renewed enthusiasm for Valentine's Day celebrations.

Positive

• Valentine's Day spending is projected to increase by 44% compared to the previous year.
• Average spending per couple is expected to rise to $208 from $144 in 2021.
• More couples (37%) plan to dine out for Valentine's Day, an increase from 26% last year.

Negative

• 30% of consumers expect to incur credit card debt due to Valentine's Day spending.
• 31% of Americans have spent beyond their means in previous Valentine's Days to impress partners.

CHARLOTTE, N.C., Feb. 1, 2022 /PRNewswire/ -- After the pandemic kept Cupid — and many couples — in quarantine last year, Valentine's Day is back in a big way for 2022. This year, American lovebirds expect to spend 44% more than last year and nearly 4 in 10 are planning a romantic restaurant date, according to a new LendingTree survey of nearly 2,100 Americans.

Key findings

• Valentine's Day spending is up 44% compared to last year. On average, those with a significant other plan to spend $208, up from $144 in 2021 and $142 in 2020.
• Spending for Valentine's Day peaks among couples who have been together for one to two years ($247), then creeps back down. As for other demographics, six-figure earners ($413), men ($299) and millennials ($294) plan to spend big.
• Nearly a third (30%) of partnered consumers say it's at least somewhat likely they'll incur credit card debt due to Valentine's Day spending. Of that group, 43% would hide the debt from their partner.
• About 3 in 10 (31%) Americans have spent more than they can afford on past Valentine's Days to impress a significant other. Along those lines, 30% think Valentine's Day debt is worth it (37% of men agree versus 24% of women).
• Dining out is back: 37% of couples will celebrate the holiday by going out for a special dinner, up from 26% last year. Similarly, fewer couples say they are skipping the holiday to save money this year (31%, down from 39% in 2021).

"Inflation is generally making everything more expensive, so I'm not surprised that spending is expected to be higher than previous years," says Matt Schulz, LendingTree's credit card expert. "Plus, it's a vaccinated Valentine's Day so people may feel a little more comfortable going out and spending on dining out, shows and other typical celebratory trappings that they might have shied away from the past couple of years."

To view the full report, visit: https://www.lendingtree.com/credit-cards/study/valentines-day-spending-survey/.

Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 2,100 consumers from Jan. 11-14, 2022. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree

MEDIA CONTACT:
Morgan Lanier
morgan@lendingtreenews.com

 

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SOURCE LendingTree.com

FAQ

What is the expected Valentine's Day spending in 2022?

Valentine's Day spending is expected to increase by 44%, with couples planning to spend an average of $208.

How much do couples plan to spend this Valentine's Day compared to last year?

Couples plan to spend an average of $208, up from $144 in 2021.

What percentage of couples will dine out for Valentine's Day in 2022?

37% of couples plan to celebrate Valentine's Day by dining out.

Will consumers incur credit card debt this Valentine's Day?

30% of partnered consumers say it's likely they'll incur credit card debt due to Valentine's Day spending.

What demographic spends the most during Valentine's Day?

Spending peaks among couples together for one to two years at $247, followed by six-figure earners at $413.