Someone may ask you to be their Valentine on February 14, but they probably won't try to buy your love. That's the conclusion of Debt.com's second annual Valentine's Day spending survey. Of the more than 3,000 adults polled, a mere 2 percent expect their significant other to spend more than $100, while nearly half (45 percent) expect them to spend nothing. In the middle, 47 percent expect their significant others to spend $50. Compare that to the nearly $850 each American spent during last winter's holiday season.
While winter holiday spending increases almost every year, the anemic Valentine's Day spending is largely unchanged from last year. So what explains the money malaise on this day of love?
"I can think of three reasons," says Howard Dvorkin, CPA and chairman of Debt.com. "First, Americans are still suffering a debt hangover from the winter holidays. Second, Valentine's Day only requires you to buy for the ones you love – not the ones you simply like or just work with. Third, many Americans don't feel the love about a holiday that tells us when to express our love."
Another interesting finding was that if you are not getting a Valentine's Day gift at all, or not getting the gift you think you deserve, that could be a sign of bigger financial problems. Dvorkin points to this survey question: "If your partner is having financial trouble would you still expect them to spend money on Valentine's Day?" Almost nine in 10 respondents said no. Even the 8 percent who said yes they would still expect a gift, added that this would make them concerned about the relationship.
If you think women value Valentine's Day more than men, think again. Of the 45 percent who didn't want their significant others spending anything, the split was almost even between the two genders. One last fascinating stat: Women don't typically spend more than $100 on their significant others, but men had a wider range when asked 'how much have you ever spent?' Fifty-five percent said they spent over $100, and of that, 11 percent spent over $500.
Read the full survey at Debt.com.
How much do you spend on Valentine's Day?