The True Cost of Valentine’s Day, Beyond Chocolates and Flowers.
Valentine’s day, the one day a year where couples go big or go home. The day where love is the topic, personality, and cost of it all. But the question really comes down to how much people spend on Valentine’s Day. The national holiday known for showing love and appreciation can also be listed as one of the most financially stressful holidays for many couples. A survey by the National Retail Federation stated, the average amount spent on Valentine’s Day in 2022 was $175.41 per person. Which means that some couples could drop nearly $400 on gifts and other activities alone.
The National Retail Federation has also stated that consumer spending is suspected to reach an all time high of nearly $26 Billion this year, compared to the $23.9 Billion that was spent in 2022. NFR wrote, “More than half (52%) of consumers plan to celebrate and will spend an average of $192.80. This is up from $175.41 in 2022, and the second-highest figure since NRF and Prosper started tracking Valentine’s Day spending in 2004. While spending on significant others and family members is in line with last year, many consumers are looking to show appreciation for the other meaningful relationships in their lives. Of the $17 increase in per-person spending, $14 comes from gifts for pets, friends and co-workers, along with classmates or teachers.”
While some opt for traditional gifts such as flowers and chocolates, others prefer to offer gift cards. Gift cards can be a great option because they allow the recipient to choose something they truly want or need. A study done by Statista shows that from 2010 to 2022 Gift Cards have become quite popular as a gift choice. But not everyone wants to open a box to see a tiny card on a day where you are supposed to express your undying love. Luckily, if you do receive a gift card as a Valentine’s Day gift – don’t worry. We have a quick and easy way to turn those visa gift cards into cash. So don’t be disappointed this year when your significant other hands you a $50 gift card, because we can help you show some love and transfer those funds over to your bank account. And you can have them in as little as 15 minutes.
Prepaid2Cash is a quick and easy way for consumers to access their prepaid card and gift card funds. Customers can receive cash via direct deposit for most Visa, MasterCard, American Express and Discover branded prepaid card programs as well as branded gift cards such as Walmart, Nordstrom, Best Buy and 100+ other popular retail brands. The Prepaid2Cash app is available in the iTunes App Store and Google Play.
But the question still remains, why do couples spend so much money on Valentine’s Day? For many, it is an opportunity to express their love and appreciation for their partner. However, for others, it can be a societal expectation that they feel obligated to fulfill. It is important to remember that the amount of money spent on Valentine’s Day does not determine the strength of a relationship. A thoughtful and meaningful gift or gesture can be more valuable than an expensive one.
An article in Forbes magazine wrote, “More than half of shoppers (56 percent) were hunting for Valentine’s Day candy, 37 percent were finding flowers for their loved ones, 40 percent were going with greeting cards, and just under a quarter (22 percent) were buying jewelry. (In fact, people are dropping a whopping $6.2 billion on jewelry, which is the highest amount in history.) Meanwhile, another 31 percent were planning to spend an evening out, which is up from 24 percent in 2021 and just slightly below pre-pandemic numbers.”
Phil Rist, Prosper Insights Executive Vice President of Strategy said, “While traditional Valentine’s Day gifts like candy and flowers seem to never go out of style, gift givers and recipients alike are more comfortable heading out for a special meal or participating in a new experience than they were a year ago,”
If you are looking to celebrate Valentine’s Day without breaking the bank, there are many affordable options available. For example, you could plan a romantic picnic in the park, cook a homemade dinner, or go out and explore your town. An exchange of thoughtful and meaningful gifts, such as a handwritten letter or a photo album of your favorite memories together. The most important thing is to spend quality time with the people you love the most and show your appreciation to them in a way that is special to each relationship.
Valentine’s day may be listed as one of the most financially stressful holidays, but it doesn’t have to be! While some consider it to be a “Hallmark Holiday” it’s a date on the calendar that allows you to show a little extra love, and gives you the best excuse to do something out of the ordinary. The amount of money spent on Valentine’s Day can vary greatly depending on each couple’s financial situation and relationship status. It is important to show love and appreciation for your partner, it is also important to remember that expensive gifts and celebrations are not always necessary or needed to strengthen a relationship. By focusing on thoughtful and meaningful gestures, you can celebrate Valentine’s Day without breaking the bank.
And if you do get that gift card, Prepaid2Cash is here to help transform it into something better. All it takes is a click or a tap, and the funds will be on their way to you and out of the plastic card it’s contained on. Together, we can make this Valentine’s Day a better one.
By prepaid2cash