How Will COVID-19 Impact Valentine’s Day Spending?
COVID-19 has wreaked havoc on the world for almost a full year now and is now impacting another holiday. WalletHub recently did a study exploring anticipated spending going into February 14th.
America spends typically billions of dollars each and every year on Valentine's Day and that may still be the case this year, however it appears significant others may be spending less individually on each other in 2021. It's no surprise that spending is likely on the decline with the financial hardships brought on by the COVID-19 Pandemic.
WalletHub says, "98 million Americans expect their significant other to spend less on Valentine’s Day this year." The study asked a series of questions regarding spending and what a significant other expects. One of the interesting questions asked is "How Much Do You Expect Your Valentine to Spend on a Gift?" Undoubtedly, the highest percentage of people expected the highest dollar amount. According to the study, 34% of people polled said they expect their significant other to spend anywhere from $50-$100 on a gift or multiple gifts. Refreshingly, 28% of respondents said they expected nothing at all.
Given this was a study conducted to examine the financial aspects of the holiday, it would make sense to explore the willingness of people to enter into credit card debt to give someone they love the perfect gift. However, the study does show men are twice as likely to go into debt to purchase their gift. Of men surveyed 79% said they would not go into debt and 21% said they would. With women, 11% would put their gift on a credit card and 89% would not.
When COVID-19 is over we can all celebrate and fall in love with doing all the things we used to, but until then it's best to conserve our time and our money until we get through it. Instead of buying a gift this year maybe consider making something, writing a song or poem or just cooking a nice romantic dinner. It's always the thought that counts.