SAN DIEGO — The average American expects to spend $142 on their significant other this Valentine’s Day, according to a 2020 survey by CompareCards.
One in 10 Americans have gone into debt from Valentine’s Day spending, the survey said.
When broken down by generation, this is the average people will spend on February 14:
Generation Z (ages 8 to 23): $82
Millennials (24 to 39): $113
Generation X (40 to 55): $293
Baby Boomers (56 to 74): $55
And men are more likely to spend almost five times as much as women during the holiday. Guys will spend an average of $249 while ladies will spend an average of $57.
Is there a point when the spending on Valentine’s Day gets to be too much? On average, survey respondents felt that $201 was the maximum amount their partner should spend on them that day. Anything higher was considered, not only excessive but also a ‘turn off’ for many of the participants in the survey.