It is rumored that “love does not cost anything”, but the people of this country are preparing to spend tens of billions during “Valentine’s Day” to show their feelings on “Valentine”.
And whether it’s on chocolates or a romantic dinner, Americans plan to spend $25.9 billion in… St. Valentine’s day this year, according to an annual survey from the National Retail Federation (NRF). This figure rose from $23.9 billion last year and represents the second highest spending year since NRF began tracking consumer spending on Valentine’s Day in 2004, according to CNBC, which was seen by Al Arabiya.net.
The survey found that just over half of the respondents say they plan to celebrate Valentine’s Day, and while not everyone plans to spend money to do so, financial expert Patty Esay advises never to borrow in order to give gifts on Valentine’s Day.
Esay calls the “Duchess of Decorum” or “Duchess of Decency” on her TikTok channel, and her experience extends for more than 20 years in legal and financial services to provide advice on money, jobs, and social etiquette. The No. 1 financial rule for relationships is, “Never go into debt for love,” she said.
The survey showed that the millennial generation will spend the most during that occasion by $ 300 on average, and this category includes people aged 35 to 44 years.
And if money can buy “love,” millennials may have the most successful romantic relationships, with the average spending per “Valentine’s Day” among Americans only regarding $193.
The map of planned spending during “Valentine’s Day” is distributed, according to the response of the sample polled, as follows: candy: 57%, greeting cards: 40%, flowers: 37%, an evening out: 32%, jewelry: 21%, gift cards: 20%, And clothes: 19%.
Isai recommends that newlyweds have an honest conversation regarding finances.
“This conversation aims to make sure that both parties are on the same page regarding spending expectations and restrictions, eliminating embarrassment and guesswork,” she said.
She added that you should not increase your financial problems to express your love, and it is necessary to search for cheaper alternatives to gifts.
She said, “Do not buy a natural diamond engagement ring, and a synthetic diamond ring can be purchased as a budget-friendly alternative, and it will still impress your partner, while the remaining money can be used to pay the down payment to buy a house, pay off debts, or even save.”
And she believes that “when you shop for your partner, you don’t have to spend a lot of money to be romantic,” and “try to set a budget with your partner for gifts.”
