Can't Buy
Me Love
By Regina Catipon and Jin Kim
CAPITAL NEWS SERVICE
Source: National Retail Federation
Money may not be able to purchase affection on Valentine's Day. But that doesn't stop millions of Americans from trying. This is a look at the things we buy -- and who we buy them for -- on Feb. 14.
One in 10 men will buy a gift card for Valentine's Day
Viewed one way, gift cards are like giving someone the freedom to choose. Viewed another way, they are the most impersonal gift someone can give on a romantic holiday. Eleven percent of guys choose to give them, while 18 percent of women do.
Millennials Spend More Than Parents
Millennials (18-34) spend more than any other age group on significant others for the holiday -- an average of $118.96 per buyer.
Approximately 60 percent of Millennials buy Valentine's Day gifts, the highest participation rate of any age group. And they love to buy candy, spending more than any other age group.
Generation Xers and young Baby Boomers (35-54) spend less ($102.05 on average per buyer) on partners than Millennials.
They are more likely to buy gifts for family members than any other age group (65.6 percent do so). They are also more likely to shop at discount stores.
Older Baby Boomers and members of the Greatest Generation -- 55 years and older -- are the least likely to give gifts on Valentine's Day (only 47 percent participate). They spend the least of any age group, too ($67.82 on average per buyer).
But when they do give gifts, they're more likely to give greeting cards, something that has lost popularity with younger groups in recent years.
18 - 34
35 - 54
55+
Romance in Decline During Recession?
Valentine's Day spending dropped sharply during the aftermath of the financial collapse. It rebounded in the years that followed before falling off again last year. It is predicted to rise this year. Meanwhile, the number of people buying Valentine's Day gifts remained relatively constant between 2008 and 2014. The upshot: people continue to buy Valentine's Day gifts during bad economic times, they just spend less.
Material Goods Up, Creating Memories Down
Since 2007, gifts built around a shared experience - an evening out or a greeting card with an expression of love -- have declined in popularity. Meanwhile, material goods like jewelry and candy have gotten more popular.
Puppy Love
• Americans are 8.8 percent more likely to buy a gift for their pets than their co-workers (21.2 percent to 12.4 percent).
• $700 million will be spent on pets for Valentine's Day.
• Owners will spend $25 on average.
Valentine's Day Gender Roles Still Traditional
Social expectations based on gender have kept one longstanding Valentine's Day tradition alive: Men still spend more than twice as much on their significant others as women. Women spend more on co-workers and children.