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When it comes to pleasing their significant other this Valentine’s Day, millennials might go the extra mile in 2020.
Americans between the ages of 24 and 39 expect to spend more than those who are older, according to a Bankrate.com report.
While the average person is expected to spend $152 this holiday, millennials could spend an average of $208. Their spending plans include gifts, dining and entertainment.
“Social media also has a prominent presence in this age group’s life, meaning they could feel pressure to keep up with the latest fads or impress their following,” said Bankrate.com analyst Sarah Foster.
Meanwhile, Gen Xers are expected to spend $160 and baby boomers $101.
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In general, 70% of adults in the U.S. plan to spend money for this Feb. 14th. And 75% of millennials are planning to spend during the holiday, while 67% of Gen Xers and 68% of baby boomers plan to do so.
Millennials are also more likely to expect their partner to spend more money for the upcoming Friday celebration. This age group anticipates their significant other to spend an average of $153, versus Gen Xers and baby boomers, whose numbers lower to $93 and $55 respectively.
But the longer a couple’s been together, the less they are likely to spend at Valentine’s Day. Over 65% of couples who have been together for 10 years or more are expected to spend money this year. Meanwhile, the number jumps to 79% for newer relationships.
When it comes to a gift-giving budget, only 10% of spouses or partners stick to an agreed-upon price limit.
As many of us have learned – either on the giving or receiving end – not every gift is a hit. Some of the reasons people have been disappointed have to do with their partner not putting enough thought into the gift and feeling the gift was too cheap or too expensive, according to the report.
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