Valentine’s Day is just around the corner, and consumers are spending big bucks to show our love! According to the National Retail Federation, Valentine’s Day spending by consumers worldwide is expected to top 19 billion, near record levels! The average U.S. consumer is expected to spend roughly $143.56 on the holiday. Shoppers will spend more than 1.5 billion on candy alone. And we’re not just spending on our partners — we’re spending on children, pets and friends to celebrate this day of love. Do you have a plan for Valentine’s Day spending? Do you go all out to celebrate your love for Valentine’s Day, or are you a more modest spender?
We’ve prepared an infographic to highlight Valentine’s Day spending trends:
How does your spending stack up? Do you have a careful budget, or are you an impulse spender? Knowing what motivates your spending can help you avoid impulse buying that leads to debt. Everyone spends impulsively now and then, and a modest level of unplanned spending around a holiday can be harmless, but unchecked impulse buying can lead to problems.
It’s always a wise decision to have a plan and a budget for how you will spend your money around holidays, and Valentine’s Day is no exception. Being in love doesn’t have to cost you — there are a lot of ways you can show love without overspending!
What are your tips for saving money while showing the ones you love how important and special they are? We’d love to hear your ideas for smart spending on Valentine’s day. Share them with us in the comments!
The team at CESI is committed to helping you make wise financial decisions and to helping you understand how to get out, and stay out of debt. For a free debt analysis, contact us and find out how we can help.