Americans spend billions of dollars celebrating Valentine’s Day every year, but inflation is forcing many to rethink how they honor the holiday this year.
Nearly half— 46 percent — of Americans say inflation is impacting their Valentine’s Day plans, according to a new WalletHub survey.
Findings from the 200-person survey show that 24 percent of Americans don’t expect their significant others to spend any money on a gift this Valentine’s Day.
But those who think their Valentine will splurge on a gift do not think they will spend very much.
About 30 percent of Americans think their partner will spend between $1 and $49 this year on a gift, according to the survey.
Meanwhile, 26 percent of Americans think their Valentines will shell out between $50 and $100 on a gift and 19 percent think their significant other will spend more than $100.
WalletHub predicts that Americans will spend $25.8 billion this Valentine’s Day.
The most common gift this year will most likely be candy since 57 percent of Americans say they plan to buy sweet treats for the holiday.
Greeting cards and flowers will also be big, with 40 percent of Americans saying they will send a card to someone this Valentine’s Day.
Another 39 percent say they will buy flowers for someone for the holiday this year.
For those wanting to cut costs this year, consider turning to a skill for gift ideas, said Angela Fontes, an adjunct faculty member at the University School of Professional Studies at Northwestern University.
“Consider using your talents— whatever skill you might have, whether it is woodworking, cross-stitch, or cooking, to make something meaningful for your partner,” she said.
“Before getting married, I did my partner’s taxes as a gift one year—it was perfect as it is something I am good at and something he hates!”
