(RNN) – No one said love was cheap.
When Cupid’s arrow pierces your heart, it hits your wallet, too.
The National Retail Federation estimates Americans will spend $19.6 billion this Valentine's Day.
That breaks down to each of us shelling out about $145 on gifts. That’s $7 more than last year’s average.
If whether the feeling of love or loathe is in the air for you consumers are expected to spend record amounts this year on pets, the self and partners. Read the full survey results today: https://t.co/AKnjHYqdaO #NRFNews ?? pic.twitter.com/s3lmm4zQqI
— NRF (@NRFnews) February 12, 2018
Here’s what we’re spending on each other:
- significant others - $89
- kids and parents - $25
- friends and teachers - $7
- pets - $6
That’s probably why retailers love the holiday.
Here’s what we’ll spend our money on:
- jewelry - $4.7 billion
- a night out - $3.7 billion
- flowers - $2 billion
- clothing - $1.9 billion
- candy - $1.8 billion
- cards - $894 million
All in all, it makes for one sweet celebration.
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