Consumer Watch: Here is what Americans plan to spend on V-Day
OKLAHOMA CITY (KOKH) —
The love holiday means green for many businesses. After a dip in spending last year, the National Retail Federation is expecting consumers to spend near record amounts this year. A look at consumer spending for major holidays like Valentine's Day gives financial experts insight into spending confidence and the state of the economy.
It's nice to surprise a loved one with a gift on Valentine's Day, but that doesn't mean you have to wreck your budget. Here is a look at what people are buying, and how you can make it work for your situation.
Romance is about more than jewelry and flowers this Valentine's Day. The NRF reports that a quarter of people plan to gift experiences over stuff this year. That means something like a spa day or tickets to a local show or movie. The NRF also says it expects people to spend an average of nearly 144 dollars on their gift for their love bug. Those are the averages, but remember that spending isn't a requirement if you are low on cash.
If you want to jump on the experiences bandwagon try these:
-The gift of a totally clean house.
-Going on a long hike to spend quality time together.
-Making a special dinner at home that will save you money while showing someone you care.
Companies like Groupon and LivingSocial can often sell you a discount for pre-paid experiences. That could include dinner discounts, or trying out a new fitness class together for half the price.
Valentine's Day haters, we didn't forget about you, and neither did businesses. The NRF estimates three in 10 adults don't plan to celebrate, but they still have some shopping planned including buying something special for themselves, or purchasing anti-Valentine's Day gifts.