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That’s according to the results of a telephone survey conducted last month for Bankrate.com by SSRS.
Of 1,019 respondents, the average man plans to shell out $339 versus the $64 that the average woman plans to spend. Moreover, men expect their sweethearts to spend $211 on them, while women anticipate $154 in expressed affection.
According to Bankrate, an all-out celebration with chocolate, diamonds, roses, fine-dining and champagne would set a lover back some $617, or more than three times the $200 that the average American plans to spend — among the 69 percent who plan to mark the holiday with some sort of spending.
Average Valentine spending is much lower, according to other analysis by Offers.com and by Pollfish for OppLoans.
Eighty-four percent of Oklahoma shoppers are planning to just spend between $1 and $50 this Valentine’s Day, according to Offers.com. Nine percent plan to spend nothing and 7 percent are spending between $51 and $100.
Chocolate, flowers, dining out
Walmart and Amazon are the top retailers at 23 percent and 9 percent, respectively. Chocolate/candy (31 percent), flowers (12 percent) and electronics (11 percent) are the leading gifts across Oklahoma.
Meanwhile, Oklahoma restaurateurs can expect Thursday, compared with an average day, to bring a 16 percent increase in transaction volume and a 44 percent increase in revenue due to a 16 percent increase in ticket price, according to analysis from Womply, a software company serving small businesses. Cinco de Mayo is the only holiday better than Valentine’s Day for sales, Womply found.
According to OppLoans’ poll of 1,400 adult Americans (59 percent women) who plan to celebrate Feb. 14, Valentines on average want their partner to spend $75.60 on them. Eighty-eight percent say the thought behind a present is more important than its cost. However, thoughtful gifts should cost at least $39.16, based on responses.
Many incur debt for holiday
Forty-one percent of Valentines have felt pressured to spend more than they want, OppLoans found. Fifty-three percent have used a credit card to buy presents they couldn’t afford; 26 percent have spent $500 or more; 12 percent, $1,000 or more; and 16 percent admitted to having taken on unmanageable debt.
According to the Bankrate survey, millennials ages 23 to 29 are most likely to spend money. Their average spent on a significant other will be $266, while expecting their partner to spend $260 on them. Conversely, millennials 30 to 38 are spending and expecting far less: $109 and $68.
“With age comes more financial responsibilities,” said Bankrate.com analyst Kelly Anne Smith. “You don’t have to break the bank to show your love for someone. A home-cooked meal, small memento or inexpensive romantic outing can go a long way.”
Couples who’ve been together for fewer than two years are most likely to spend money on their significant others and to expect their partner to spend money on them. Just 61 percent of those who’ve been in their relationship 20 years or longer plan to spend money on their partner and only 57 percent expect something in return.
Not all Americans love Valentine’s Day. In fact, 31 percent would be happy if the holiday no longer existed, according to a survey by Los Angeles-based Swagbucks, a rewards-and loyalty-program company operated by Prodege LLC.