More will forgo the holiday, but those who embrace it will spend the same.
This Valentine’s Day will be the first during the pandemic, and the economic havoc from COVID-19 will take its toll on holiday spending – but not like you might expect.
Even before the pandemic, Valentine’s Day was viewed with increasing skepticism by average Americans. In 2019, Debt.com’s spending survey showed most of us weren’t as susceptible to overspending on Valentine’s Day as we typically are during the winter holidays.
In both 2019 and 2021, it was a statistical dead heat when it came to answering this question: “If your partner is having financial trouble and paying off debt, would you still expect them to spend money on Valentine’s Day?” Two years ago, about 88 percent said no. And this year? It’s…around 88 percent.
Even the amount we spend will largely be unchanged. The most common total was $50 or less. In 2019, 42.5 percent spent that. This year, 43 percent expect to. As for the other end of the spectrum, only a handful of average Americans ever spend more than $150 on Valentine’s Day – less than 1 percent in both 2019 and 2021.
Yet where the pandemic has had its greatest impact is in the number of Americans who will forgo the holiday all together. In 2019, 11.5 percent said they wouldn’t spend a dime. This year, it’s jumped to nearly 20 percent.
“We’ve seen how the pandemic convinced Americans to spend less during the holidays, and we’ve seen how the economic catastrophe has even changed how they think about money,” says Debt.com chairman Howard Dvorkin, CPA. “So it’s no surprise that Valentine’s Day spending will take a hit this year.”
Close to half said the pandemic won’t affect their Valentine’s Day spending
Half of respondents feel it’s important to celebrate Valentine’s Day
Forty-seven percent think their partners should spend $1-$50 on them for Valentine’s Day
The vast majority of Americans don’t think their partners should spend money on Valentine’s Day – if they’re having financial trouble
Most Americans think married couples should spend the most money on Valentine’s Day
Nearly 4 out of 10 said the most amount of money they’ve ever spent on someone for Valentine’s Day is under $50
Only 15 percent said they’ve used a credit card to buy an engagement or wedding ring
Methodology: Debt.com surveyed 1,200 people and asked 11 questions about how they plan to spend this Valentine’s Day. People responded from all 50 states and Washington, DC and were aged 18 and above. Responses were collected through SurveyMonkey. The survey was conducted from Jan. 22, 2021 to Feb. 2, 2021.