Nearly 40% of Americans Will Skip Valentine's Day This Year to Save Money

Rhea-AI Summary

On February 9, 2021, a LendingTree survey revealed that nearly 40% of Americans plan to skip Valentine's Day to save money. The survey also noted that 38% of partnered consumers might incur credit card debt from their Valentine's spending, with 30% concealing this debt from their partners. Women are projected to spend less than in previous years, while men are more likely to skip the celebration. The survey highlights the financial impact of the ongoing pandemic on consumer behavior.

Positive

• Growing awareness of financial prudence among consumers.
• Increased usage of credit monitoring and comparison services.

Negative

• Significant percentage of consumers planning to skip Valentine's Day may indicate economic distress.
• High potential for credit card debt among consumers celebrating Valentine's Day.

CHARLOTTE, N.C., Feb. 9, 2021 /PRNewswire/ -- Almost four in 10 Americans said they plan to skip Valentine's Day in 2021 in order to save money, according to a new survey from LendingTree.

Those planning to skip the big day may want to tread lightly, however. The survey also found that about 1 in 7 people in a relationship would be upset if their partner suggested doing so.

Key findings

• Nearly 40% of Americans plan to skip Valentine's Day to save money this year. 
• Men are more likely than women to say they're skipping to save money, but women are twice as likely to say they'd be upset if their partner suggested doing this. 
• 38% of partnered consumers said they might take on credit card debt due to their Valentine's Day spending this year. Of that group, 30% will hide that debt from their partner. 
• Women are more likely to say they'll spend less on Valentine's Day this year than last. 

"As the pandemic maintains its grip on the nation and continues to wreak economic havoc on millions of Americans, it is easy to understand why so many of us would choose to skip Valentine's Day in hopes of putting a little bit of extra cash in our rainy day fund," said LendingTree's Chief Credit Analyst, Matt Schulz. "There are plenty of ways to split the difference, though, trying to celebrate your relationship without wrecking your finances."

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

Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 1,250 Americans, conducted Jan. 25-26, 2021. The survey was administered using a non-probability-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 My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My 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 percentage of Americans plan to skip Valentine's Day in 2021?

Nearly 40% of Americans plan to skip Valentine's Day in 2021 to save money.

How many partnered consumers might incur credit card debt for Valentine's Day?

38% of partnered consumers might take on credit card debt due to their Valentine's Day spending.

Are men or women more likely to skip Valentine's Day to save money?

Men are more likely than women to skip Valentine's Day in order to save money.

What are the findings regarding consumer spending behavior for Valentine's Day in 2021?

Women are more likely to spend less on Valentine's Day this year than they did last year.