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As we get closer to Valentine’s Day, the shopping and planning has begun! With the price of everything going up and up and up, apparently, the price of love has increased too! According to an annual survey by the National Retail Federation, the average American expects to spend $192.80 on Valentine’s Day this year which is up by almost 20 bucks from last year!

The top gifts include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%), and clothing (19%). Americans plan to spend more than $5.5 billion on jewelry and nearly $4.4 billion on a special evening out. About one-third (32%) plan to give a gift of experience, up from 26% last year and the highest since NRF and Prosper started asking this question in 2017.

According to Prosper Executive Vice President of Strategy Phil Rist, “Men, in particular, are more likely to give a gift of experience compared with last year,”.

Which do you prefer, an actual gift like jewelry, flowers, or cards or a gift of an experience like a memorable night out?

By the way, if you are spending Valentine’s alone, don’t worry, you aren’t alone. 28% of non-Valentine Americans will still buy themselves a gift or a night out with other single friends/family. To paraphrase Stephen Stills, if you can’t be with the one you love, then love the one you’re with…even if it’s yourself!

Happy Valentine’s Day!

— Doug O’Brien