The Atlantic is quoting research from IBISWorld that says we’re spending $20 billion on Valentine’s Day goodies for our Valentine’s. Almost $10.7 billion of it will be on dining out. Overall, the site says, two-thirds of the money is spent on food. So the way to anyone’s heart is through their stomach apparently.
And despite being inundated with commercials for Jared’s and Kay’s, only $1.6 billion is spent on jewelry. Still a healthy amount.
More than half (56 percent), unsurprisingly, goes to our romantic partners. Or maybe it is a surprise. One would expect that the lion’s share would be for the significant other. But in some cases, that special someone is a friend (seven percent), family member (20 percent), or a pet (four percent).
Also unsurprisingly, men will be spending more on this holiday than women. The National Retail Federation says women expect to spend $53, but guys will spend $108. For all that we spend all year on lingerie, makeup, hair stylists, and all other things to look good and keep things nice, I think we deserve it ladies!