Life
The Average Millennial Spends *This* Much On V-Day
If you’re currently single and feeling like February 14 can’t come and go soon enough, don’t. There are so many things you can do this Valentine’s Day if you’re single, none of which involve dwelling on your single AF status or hating on every lovey-dovey couple you see. In fact, according to recent Valentine’s Day stats released by Bing, how people celebrate Valentine’s Day has changed over the years. It has now become a holiday where both couples and singles spend money and put forth effort to celebrate the love they have for the important people in their lives.
According to Bing’s Valentine’s Day 2017 Insights, about 55 percent of people say they plan on celebrating this year. It’s actually the fourth largest spending time of the year after winter holidays, back to school, and Mother’s Day. In fact in 2016, spending for Valentine’s Day reached a record high of $19.7 billion. But if you think most of that was spent on fancy dinners or big romantic gestures for couples, think again.
Half of all consumers who spend money on Valentine's Day identify as being single with no specific romantic partner.
When it comes to searching for V-Day gifts, more people search for gifts to give their friends (20 percent), more than a boyfriend (17 percent), or a girlfriend (four percent). Half of all consumers who spend money on Valentine's Day identify as being single with no specific romantic partner. So Valentine's Day really should no longer be seen as a day exclusively for couples. Both couples and singles are putting their money and effort into the day. Here's how:
1The Average Person Spent $146 On Valentine's Day In 2016
The biggest spenders are those who label themselves as being in a relationship but not married. They spend an average of $107, while married people spend an average of $96. Singles, on the other hand, spend much less. Single men spend an average of $71 while single women spend an average of $40.
2Older Millennials Spend The Most
Older Millennials between the ages of 25 and 34 spend the most on Valentine's Day with an average of $234, followed by 35 to 44-year-olds at $187, and then 18 to 24-year-olds at $148. It seems like Valentine's Day gets less important with age as those aged 55-plus spend the least at $95 on average.
3Men In Relationships Spend Twice As Much Money On Valentine's Day Than Women
Valentine's Day is super important for women since 53 percent they'd actually end a relationship if they didn't get something special that day. "I think many women do like to have Valentine's Day be extra romantic and others may think of it as a commercial holiday. So, it's best to know your audience," Dr. Paulette Kouffman Sherman, psychologist, relationship expert, and author of The Book of Sacred Baths tells Bustle. It was found that men spend on average $133 on Valentine's Day compared to women who spend about $62.
But Sherman says spending a little extra on special days shouldn't matter that much. "I think both regular date nights and Valentine's Day are important, whether you spend a lot of money or not. The idea is to keep the romance alive and not to take your mate for granted," Sherman says. "Regular date nights provide fun easy times to reconnect but Valentine's Day is a special once a year moment to make more of a grand gesture, even if it's through creativity and not monetary. Money should not be the reason to skip that investment in your relationship and romance."
4People Spend The Most For Their Partners, But Co-Workers Come In Second
Unsurprisingly, people are willing to spend more for a significant other. The average person plans to spend about $99 for their partner. Surprisingly, people also plan to spend around $54 for a co-worker, $50 for family, $36 for classmates, teachers, and friends, and $26 for pets. Speaking of pets...
5Nearly 20 Percent Of People Give Valentine's Day Gifts To Their Pets
In 2016, about $681 million total was spent on Valentine's Day gifts for their beloved companions.
6Most People Are Last-Minute Shoppers
According to the report, the holiday has less "ramp-up time" than others. About 46 percent of people tend to buy gifts and make plans in early February, three out of 10 wait until the day before, and only five percent are super last-minute and say they do their shopping the day of.
7Most People In Relationships Choose Gifts On Their Own, So Gift Recipients Don't Always Get What They Want
Over half of people in relationships want an evening out for Valentine's Day, but 50 percent end up getting gifted with candy or chocolate. Aside from an evening out, the top list of Valentine's Day "wants" include an experience (39 percent), a smartphone (39 percent), chocolates or candy (33 percent), and flowers (27 percent). Most people end up getting gifted with the traditional candy and cards. However, 38 percent of people do end up getting their evening out.
8Staying In Is Always A Great Date Night Idea
According to Bing, about 53 percent of people say they're likely to stay home on Valentine's Day. And 72 percent of people in relationships say staying in watching Netflix is one of their favorite date nights. When it comes to Valentine's Day delivery, couples are most likely to order Asian cuisine, while singles are all about that comfort food like pizza.
Clearly, we've moved passed the more traditional ways to celebrate Valentine's Day. Just because you're in a couple, it doesn't necessarily mean you have to go all out with the spending — a nice evening at home seems to do well with a lot of people. At the same time, singles are celebrating the day with co-workers, friends, and even pets. There's really no limit to Valentine's Day, so enjoy it in any way you want.
