Spending On Gifts Is Up Even As Fewer People Celebrate Valentine's Day, Study Finds
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PHILADELPHIA (CBS) -- Valentine's Day is just about a week away and Americans are expected to spend a lot of money on their sweethearts. But while spending is going up, the number of people celebrating the day is going down.
For all the music, poetry and romance, Valentine's Day can also be a lot of pressure. And it appears that fewer Americans appreciate the one-day sentiments.
According to the National Retail Federation, the number of people celebrating the holiday has dropped by about 22 percent over the past year and that only a little more than 50 percent of millennials plan to celebrate.
Two reasons were cited by those surveyed, disinterest and feeling that the day has become overly commercialized.
Or, perhaps they have picked up on a bit of a financial discrepancy.
A survey conducted by Bank-Rate found that in 2019, women will spend an average of $64 on their Valentine while men will shell out an average of $339.
This is the case despite women expecting a gift of around $150. Men, on the other hand, expressed in the survey that they wished their partners would spend about $210.
If there is any meeting in the middle for this holiday gift-giving dilemma, it might be found inside of Hope Chest.
"When it comes to Valentine's Day, we have men and women shopping for something special," said store manager Tracy Gallagher.
At the Center City undergarment boutique, Valentine's Day is their Black Friday because wearable gifts just seem to have a way of appealing to both sexes.