The National Retail Federation predicts that Americans will spend an average of $189 on Valentine's Day this year, with total spending reaching a record $27.5 billion. Bankrate senior industry analyst Ted Rossman offers tips on how to save money on the holiday, including dining out the night before or after Valentine's Day and utilizing unused gift cards.
The cost of love is apparently $189 per person this year, according to the average spending predicted by the National Retail Federation. Ted Rossman, Bankrate senior industry analyst, states, 'The key categories are things like candy, flowers, greeting cards, nights out, and jewelry were a little bit further down the list.' This puts American spending at a record $27.5 billion on the holiday, up 7%. That includes gifts for significant others, friends, coworkers, and even pets.
If you are looking to save some money on the holiday, the experts at Bankrate have some ideas. Rossman says, 'you could participate in some time shifting if you are up for it, maybe go out to dinner the night before or the night after. A lot of times on Valentine's Day itself restaurants do these fixed price menus that really jack up the price.' Also, maybe you are sitting on some money that will fund a romantic night. Rossman says, 'Half of Americans have unused gift cards and the average value is over $200.
VALENTINES DAY SPENDING GIFTS SAVINGS RETAIL
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