CHARLOTTE, N.C., Feb. 1, 2023 /PRNewswire/ — After the pandemic kept Cupid — and many couples — in quarantine last year, Valentine’s Day is back in a big way for 2023. This year, American lovebirds expect to spend 44% more than last year and nearly 4 in 10 are planning a romantic restaurant date, according to a new LendingTree survey of nearly 2,100 Americans.
Key findings
- Valentine’s Day spending is up 44% compared to last year. On average, those with a significant other plan to spend $208, up from $144 in 2023 and $142 in 2020.
- Spending for Valentine’s Day peaks among couples who have been together for one to two years ($247), then creeps back down. As for other demographics, six-figure earners ($413), men ($299) and millennials ($294) plan to spend big.
- Nearly a third (30%) of partnered consumers say it’s at least somewhat likely they’ll incur credit card debt due to Valentine’s Day spending. Of that group, 43% would hide the debt from their partner.
- About 3 in 10 (31%) Americans have spent more than they can afford on past Valentine’s Days to impress a significant other. Along those lines, 30% think Valentine’s Day debt is worth it (37% of men agree versus 24% of women).
- Dining out is back: 37% of couples will celebrate the holiday by going out for a special dinner, up from 26% last year. Similarly, fewer couples say they are skipping the holiday to save money this year (31%, down from 39% in 2023).
“Inflation is generally making everything more expensive, so I’m not surprised that spending is expected to be higher than previous years,” says Matt Schulz, LendingTree’s credit card expert. “Plus, it’s a vaccinated Valentine’s Day so people may feel a little more comfortable going out and spending on dining out, shows and other typical celebratory trappings that they might have shied away from the past couple of years.”
To view the full report, visit: https://www.lendingtree.com/credit-cards/study/valentines-day-spending-survey/.
Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 2,100 consumers from Jan. 11-14, 2023. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation’s leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. LendingTree proactively compares consumers’ credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree’s purpose is to help simplify financial decisions for life’s meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree
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SOURCE LendingTree.com
