COLORADO SPRINGS, Colo. (KOAA) — Most Americans believe Valentine's Day is designed to make them spend money, and they might be right. As the day dedicated to romance approaches, many Americans are feeling financial strain tied to the holiday, according to a new report from personal finance website WalletHub.
A recent survey by WalletHub found that 82% of people think Valentine's Day is one big trick to spend money. The same study reveals that the average person spends $200 to celebrate the holiday, according to data from the National Retail Federation.
Two in five people say Valentine's Day activities are not affordable this year, while an equal number set a Valentine's Day budget to manage their spending.
The financial pressure extends beyond just one day. The report found that 48 percent of people say they wouldn't marry someone with bad budgeting habits or a bad credit score.
News 5 spoke with Chip Lupo, a writer and analyst for WalletHub, about the study. He said the timing makes spending particularly challenging because people are just coming out of the holidays and many are also spending money on Super Bowl celebrations.
"Look at other free or even low-cost activities depending on where you are, picnics or stargazing. I mean, that would be probably a wonderful thing to do in Colorado this time of year, weather permitting, nature walks, and you kind of celebrate things without overspending," Lupo said as tip to save money.
The report also ranked the biggest 100 cities to determine which are the most budget-friendly for Valentine's Day. Denver ranked sixth and Colorado Springs 18th.
Lupo said even though Colorado's cost of living is high, the state is one of the top 10 in median annual household income when adjusting for inflation.
“It’s hard to escape the cultural significance of it, particularly in the social media environment,” Lupo said with a smile. “In a weird way, it’s kind of like keeping up with the Joneses. Your spouse’s friends or your friends are trying to compete to see who can outdo each other on Valentine’s Day.”
Men are expected to spend twice as much as women.
“Apparently, it works, because people are spending the money,” Lupo said. “You do have a choice. You can choose not to spend, but there’s the social pressure there.”
For couples looking to save money, Lupo suggested focusing on experiences rather than expensive gifts.
VALENTINE'S DAY FACTS FROM WALLETHUB:
- $29.1 Billion: Total Valentine’s Day spending projected for 2026 ($199.78 per person celebrating).
- 2X: Men will spend almost twice as much as women, on average, for Valentine’s Day 2026.
- $13.3 Billion: Amount Americans will spend on jewelry ($7B) and a special evening out ($6.3B).
- 60%: Share of marriages that begin online.
- 33%: Overall online dating activity increase across the U.S. between February 1 and February 14.
- $8.9 Billion: Projected global dating services market size by 2029.
VALENTINE"S DAY SPENDING SURVEY - KEY STATS FROM WALLET HUB:
- Love on a Budget: 2 in 5 people say Valentine’s Day activities are not affordable this year.
- Skeptical Sweethearts: 82% of Americans believe that Valentine’s Day is a trick to make people spend more money.
- Romance with Limits: Nearly 2 in 5 people have a Valentine’s Day budget.
- Love Is Expensive: 33% of Americans say their relationship is a strain on their finances.
- Financial Infidelity Hurts: 7 in 10 people think financial infidelity can be worse than cheating.
- Bad Credit Might Keep You Single: 48% of people say they wouldn’t marry someone with bad budgeting habits, a bad WalletScore or a bad credit score.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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