Valentine’s Day spending in the U.S. will set another record this year, according to a new report.
Americans are expected to spend around $27.4 billion for the holiday, which is 32% higher than last year, according to a National Retail Federation survey. The survey shows that average expected spending per person will be about $169 this year.
Jewelry, an evening out and clothing are expected to generate the most spending this holiday, although only around 20% of people are expected to spend on those categories. By contrast, greeting cards and flowers are less expensive and more widely popular — around 40% to 50% of people are expected to spend on those items.
Average expected spending this year is $291 by men and $106 by women.