The Valentine’s day is celebrated around the world, most people use this day as a good opportunity to shower love and gifts to their significant other, friends, family, co-workers and pets.
Our recent survey via Prosper Insights and Analytics revealed revealed the total Valentine’s Day spending along with what they planned to spend the most money on.
From the research, the total expected spending on Valentine’s Day is around $27.4 Billion dollar which is quite a huge figure. Men are willing to spend an average of $291 while women plan to spend an average of $106 giving us an average spending of $198.
Unsurprisingly, consumers planned to spend 52% of their total budget on their significant other. Other family members will be getting 15% of the consumers total spending budget. 6% of the consumers’ total Valentine’s Day budget will be spent on their pets.
The youngest Valentine’s Day shoppers surveyed are those aged between 18-24 – plan to spend an average $109.31. But those aged 25-34 yrs – old enough to have higher incomes and children to buy for – expect to spend $307.51 and are topped out by those aged 35-44 as the biggest spenders at $358.78. As in each year of the survey, men plan to spend more than women at $291.15 compared with $106.22.
Shoppers plan to spend $5.8 billion on jewelry (given by 21 percent), $4.3 billion on an evening out (34 percent), $2.9 billion on clothing (20 percent), $2.4 billion on candy (52 percent), $2.3 billion on flowers (37 percent), $2 billion on gift cards (19 percent) and $1.3 billion on greeting cards (43 percent).
Gifts of experience such as tickets to an event or a trip to a spa are wanted by 41% and planned by 28%.
Spending intentions in several countries
United states reported the highest in average spending budget by country with $197, Singapore and United Kingdom are second and third in the ranking with $150 and $127 respectively.
Brazil ($35), Morocco ($32) and Malta ($29) are countries with the least budget for expenses on the Valentine’s Day.
- The survey of 7,267 adult consumers was conducted between January 2-9 via Prosper Insights & Analytics and has a margin of error: plus or minus 1.2 percentage points.
- During the period of January 2020, 6,942 people from Africa, Asia, America, Europe and Australia were surveyed in a total of 40 countries where the tradition of Valentine’s Day is present. Finally, the indicators for the month of January 2020 were used to convert the currency.
Prosper Insights & Analytics is a global leader in consumer intent data serving the financial services, marketing technology, and retail industries.