Fourteen million Americans planned or expected a marriage proposal on Valentine’s Day (12% vs. 9% in 2014), according to the latest American Express Spending & Saving Tracker.
But regardless of whether or not wedding bells rang, with the economy improving more consumers said they’re willing to open their wallets for love: 76% of consumers planned to shell out money for the holiday (vs. 74% in 2014), spending an average of $296, almost 40% more than last year.
Men in particular are putting more on the line for love, saying they’ll spend an average of $380, up 28% from last year, compared to women’s average outlay of $213; though a lower amount, still up 36% from 2014.
Forty-nine percent of men say the holiday is an important time to celebrate their relationship, compared to only 33% of women. Indeed, women believe that Valentine’s Day is fun but not a major occasion (42% vs. 41% in 2014).
The most popular gifts men will buy their spouse/significant other include:
- Flowers (56% vs. 54% in 2014)
- Greeting card (48% vs. 57% in 2014)
- Jewelry (27% vs. 24% in 2014)
- Gift card (21% vs. 14% in 2014)
