Valentine’s Spending on the Rise
A new survey by the National Retail Federation says that American’s Valentine’s Spending is more than $18 billion on Valentine’s Day, making it one of our “spendiest” holidays, close on the heels of Christmas and Halloween. According to the NRF, the average outlay will be around $130 a person — a $5 uptick from last year, though the “average” for men actually clocks in at around $176, while for women it hovers around $90.
American Express Study on Valentine’s Spending
American Express has its own study, however, and they’re expecting Americans to spend even more in pursuit of cupid’s bounty: They say the average will be closer to $239 per person, though interestingly, the AmEx study proclaims that only 69 percent of consumers will be spending dough on heart’s day, down from 76 percent last year.
Understanding AmEx Figures
AmEx has not disclosed how they derived these figures, nor whether they collaborated with sociologists to ascertain that approximately one-third of Americans are either single or in secure relationships that don’t necessitate additional spending.
David Rabkin’s Insights on Valentine’s Spending
According to David Rabkin, American Express’ senior VP of US consumer lending products, “Merchants should see moderate growth in Valentine’s Day spending. More couples say they plan to spend, and spend more to make the day special. Topping the list are gifts, dinners out and going to the movies.”
Be Prepared to Accept Payments
So if you’re in any of those businesses — or any business “adjacent” to those — make sure you’re ready to accept any last minute payments however customers want to give them to you: whether buying online, with e-checks, or perhaps using the gift cards someone gave them last year!
Stretching Out the Romance
Certainly, since the romance-filled day coincides closely with a three-day weekend, the love-themed expenditures might extend over several days!
A Special Wish
And of course, here’s wishing your own secret admirer got you something extra special this time ‘round!