Valentine’s Day spending 2020
A quarter of Americans buy gifts for more than one romantic partner.
Roses are red. Violets are blue. But when did Valentine’s Day become a celebration for more than two? In 2020, 68.2 million Americans — or 26.77% of the adult population — plan to buy a Valentine’s Day gift for more than one romantic partner, according to a recent survey from Finder.com.
Men are more likely than women to shop for more than one partner, with 35.50% of men saying they will purchase a Valentine’s Day gift for more than one romantic partner, compared to 21.03% of women.
Millennials make up a large chunk of those shopping for more than one romantic partner, with 36.46% of the generation — or 31.1 million millennials — saying they would purchase a Valentine’s gift for more than one romantic partner.
Where are people getting their gifts?
Those who plan to double dip on Valentine’s gift giving don’t make up the whole present-buying pie. In 2020, roughly 181.8 million people will buy gifts for their Valentine, and where they’re shopping may surprise you.
While the No. 1 source for Valentine’s Day gifts is from brick-and-mortars, with 39.96% of people planning to run into a physical store, 37.43% say they will buy their gifts from Amazon, with a further 7.37% saying they will purchase presents from a different online retailer. It means that nearly half of all Americans shopping for Valentine’s Day will get their gifts online in 2020.
Who’s buying Valentine’s Day gifts?
More men than women are planning on purchasing gifts for Valentine’s Day, with 92.4 million men saying they’ll buy Valentine’s gifts compared to 77.7 million women.
As to where people will get their gifts, men are more likely than women to pick up presents from a brick-and-mortar store, whereas far more women than men plan to make their own gifts.
Generational Valentine’s Day buying habits
Millennials are far and away the most likely to shop on Amazon for St. Valentine’s, with 39% looking to the retail giant for a Valentine’s Day gift this year. At the other end of the spectrum are boomers, among whom 40% plan to buy from a brick-and-mortar store and a further 52% say they won’t buy anything.
Spending big on Valentine’s Day
With 181.9 million planning to buy a gift in 2020, it may not surprise you that February 14th is big business. Americans will spend roughly $19.2 billion on gifts this year, each gift averaging $110.
Where that money is spent and on whom varies widely. Girlfriends and wives luck out on Valentine’s, with the average girlfriend gifted a present worth $126 and the average wife’s gift costing $122. These values are more than double the average amount spent on husbands ($56) or boyfriends ($51).
In 2020, men are expected to spend $3.6 billion more on Valentine’s gifts than women, spending an expected $11.4 billion for men compared to $7.8 for women.
As far as the average gift, men will spend almost double that of women. Of those who plan to spend on Valentine’s Day gifts, men say they’ll spend an average of $153.65 compared to $77.89 women plan to spend. Women are expected to outspend men in only one of the nine gift recipient categories: boyfriend.
Millennials are expected to spend the most among the generations on Valentine’s Day gifts, dropping some $8.4 billion in 2020, representing almost 44% of all Valentine’s spending.
On a per-gift basis, Gen X is expected to spend the most on average on their wives ($157) and girlfriends ($150), and the Silent Generation is expected to spend the most on average on other family members ($150).
What are people doing for Valentine’s Day?
It’s not just gift giving that’s big on Valentine’s Day. Plenty of people plan to take up romantic activities and getaways. In addition to the $19.2 billion Americans will spend on gifts, another $30.7 billion will be spent on Valentine’s Day activities.
Travel is the priciest item on Valentine’s Day, with people expected to spend about $299 on a romantic getaway, followed by new outfits ($85) and dining out ($79).
Women are expected to outspend men by almost twice as much on travel expenses, with women saying they’ll spend about $394, compared to the $218 men say they’ll spend. However, men are expected to outspend women in all other categories.
Travel is where big money is spent this Valentine’s Day, led by Gen Z in total cash splashed. The average Zer expected to spend a whopping $553 in 2020, followed by Gen X at an average of $406.
Valentine’s Day spending to hit $50 billion in 2020
All told, Americans are planning to spend roughly $50 billion for Valentine’s Day in 2020, combining $19.2 billion on gifts and $30.7 billion on activities.
Men are expected to foot slightly more of the Valentine’s Day bill spending approximately $26.1 billion on the day, with women planning to spend $23.9 billion.
Among the generations, millennials will take the brunt of Valentine’s Day spending, expected to spend $22.3 billion.
Previous Finder Valentine’s Day surveys
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