Love is in the air this time of year and Americans are planning to show they care with a record amount of spending. The National Retail Federation expects people to spend $27.4 billion this Valentine's Day, up more than 30 percent from last year's record of $20.7 billion.
"Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year," NRF President and CEO Matthew Shay said in a statement.
"The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say 'I love you' this year and to spread the gift-giving beyond just your significant other."
Spend they will, and not just a little. Those celebrating the holiday said they plan to spend, on average, nearly $200, up from last year's average of $161.96, with more than half of it going to spouses and significant others.
Ten years ago, 61 percent of spending went to romantic partners on Valentine's Day, down to only 52 percent this year.
What hasn't changed is how much men spend versus women. This year, like every year since NRF began surveying shoppers 10 years ago, men will outspend women. $291.15 to $106.22.
Pets are also feeling the love this year. "We've always heard of puppy love, but pets are definitely seeing a larger share of Valentine's Day spending," Prosper Insights Executive Vice President Phil Rist said.
After years of price increases for cars and trucks in the United States, costs are slowing and in some cases falling, helping cool overall inflation and giving frustrated Americans more hope of finding an affordable vehicle.
Missed out on the Nvidia wave? Oh course you did — you’re reading this article aren’t you, instead of luxuriating on a white-sand beaches of Bali. But here are at least four other promising semiconductor stocks to add to your portfolio.
Fresh off a successful funding round, co-founder of Lapse Dan Silvertown shares thoughts on regulation, privacy, and why the money for great startups is still out there.
Wendy's announced they are testing out fluctuating prices throughout the day for certain products based on demand. Who will groan the most: lunch-breakers, dinner drivers or late-night goblins?
Shubha Dasgupta, CEO of Pineapple Financial, discusses incorporating artificial intelligence with its newly announced ‘Maui’ tool, plus plans for expansion.
Chair of Penn Engineering’s Department of Computer and Information Science Zachary Ives shares how the department is building its artificial intelligence degree program.
