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Americans Spending Less this Valentine’s Day
February 14, 2012 1:44 am
According to a new survey from Visa, Inc., even love is on a budget these days—Americans are spending less on Valentine's Day gifts, flowers, dining and other items this year. Americans plan on spending $117 this Valentine's Day, down 3 percent from $121 in 2011. The biggest culprit? Women.
The drop can largely be explained by the plummeting enthusiasm among women for spending on Valentine's Day, falling from $101 in 2011, to a meager $87 in 2012—a 14 percent drop. In contrast, men are actually planning on spending more this year, $149, compared to $140 in 2011, an increase of 6 percent. The gulf between what men and women now spend on Valentine's Day is dramatic. Men will spend 71 percent more than women on what has now become a one-way holiday.
Indicating a generation gap in enthusiasm for the holiday, younger people (18-24 years old) plan on spending the most of any age group at $132, while those 25-34 expect to spend $124. Consumers between the ages of 35 and 49 will spend an average of $123 and people 50-64 years of age plan to spend just $98.
Significant regional disparities continue to exist in Valentine's Day spending. In 2011, the Midwest came in dead last in spending for February 14, but in a surprising result this year, the region led the pack at $139. Bringing up the rear in 2012 is the South at $97. In addition, consumers in the Northeast plan on spending an average of $137 while people in the West expect to spend $112.
The survey found that people in the lowest income bracket—who earn less than $20,000 per year—plan to spend more than consumers earning between $20,000 to $50,000 on Valentine's Day.
"Those who try to impress by overspending on Valentine's Day may find it has the opposite effect," says Jason Alderman, Visa's senior director of financial education. "The key is to know what you can afford and stick to your budget."
Source: Visa, Inc.
The drop can largely be explained by the plummeting enthusiasm among women for spending on Valentine's Day, falling from $101 in 2011, to a meager $87 in 2012—a 14 percent drop. In contrast, men are actually planning on spending more this year, $149, compared to $140 in 2011, an increase of 6 percent. The gulf between what men and women now spend on Valentine's Day is dramatic. Men will spend 71 percent more than women on what has now become a one-way holiday.
Indicating a generation gap in enthusiasm for the holiday, younger people (18-24 years old) plan on spending the most of any age group at $132, while those 25-34 expect to spend $124. Consumers between the ages of 35 and 49 will spend an average of $123 and people 50-64 years of age plan to spend just $98.
Significant regional disparities continue to exist in Valentine's Day spending. In 2011, the Midwest came in dead last in spending for February 14, but in a surprising result this year, the region led the pack at $139. Bringing up the rear in 2012 is the South at $97. In addition, consumers in the Northeast plan on spending an average of $137 while people in the West expect to spend $112.
The survey found that people in the lowest income bracket—who earn less than $20,000 per year—plan to spend more than consumers earning between $20,000 to $50,000 on Valentine's Day.
"Those who try to impress by overspending on Valentine's Day may find it has the opposite effect," says Jason Alderman, Visa's senior director of financial education. "The key is to know what you can afford and stick to your budget."
Source: Visa, Inc.
Published with permission from RISMedia.
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