Report: 46% of Americans Say Inflation Is Affecting Valentine’s Day Plans

With Valentine’s Day just around the corner and 46% of Americans saying inflation is affecting their plans this year, the personal-finance website WalletHub today released its report on the Best Places for Valentine’s Day in 2024, alongside its nationally representative 2024 Valentine’s Day Spending Survey.

To determine the most romantic yet affordable cities for Valentine’s Day, WalletHub compared 100 of the largest U.S. cities across 25 key metrics, ranging from florists per capita to forecasted precipitation to the cost of a three-course meal for two.

Valentine’s Day Spending Survey – Key Stats

• Inflation Takes a Bite Out of Romance. 46% of Americans say inflation is affecting their Valentine’s Day plans.
• V-Day Debt Is Worth It for Some People. Nearly 3 in 10 people think a Valentine’s Day gift is worth going into credit card debt for.
• Financial Infidelity Hurts. 7 in 10 people think financial infidelity can be worse than cheating.
• Some People Don’t Expect Purchased Gifts. 24% of Americans don’t expect their Valentine to spend any money on a gift this year.
• Bad Credit Might Keep You Single. More than 1 in 3 people would not marry someone with a bad WalletScore or bad credit.
• Bad Spending Habits Stink. 60% of Americans say that irresponsible spending is a bigger turnoff than bad breath.
• Separate vs. Joint Accounts. More than 1 in 3 people think having separate accounts is the best way to avoid money problems in a relationship.

Valentine’s Day Facts

• $25.8 Billion: Total Valentine’s Day spending projected for 2024 ($185.81 per person celebrating).
• 2X: Men will spend almost twice as much as women, on average, for Valentine’s Day 2024.
• $11.3 Billion: Amount Americans will spend on jewelry ($6.4B) and a special evening out ($4.9B).
• 17%: Share of marriages that begin online.
• 33%: Overall online dating activity increase across the US between February 1 and February 14.
• $23.8 Billion: Projected global dating services market size by 2032.

Q&A With WalletHub Analyst Cassandra Happe

Do you think people on the dating scene worry about things like credit scores and financial literacy?

“Americans want to date other people who are financially responsible, especially during a time when inflation is relatively high. In fact, 60% of Americans say that irresponsible spending is a bigger turnoff than bad breath, according to WalletHub’s new Valentine’s Day Spending Survey. If you want to settle down, keep in mind that more than 1 in 3 people would not marry someone with bad credit or a bad WalletScore. While rejecting someone for their credit score may seem harsh, it makes sense when you consider that bad credit can cause a person to lose hundreds of thousands of dollars over a lifetime. The good news is that people with bad credit can improve their credit score over time by making on-time payments and keeping their credit utilization low.”

How do people feel about spending money and going into debt this Valentine’s Day?

“Consumers are expected to spend a record $14.2 billion on Valentine’s Day this year, which can be attributed partially to inflation and partially to the fact that the economy has thus far managed to avoid a recession. Still, nearly a quarter of Americans don’t expect their Valentine to spend any money on a gift this year, according to WalletHub’s latest survey. People who can’t afford to spend much this Valentine’s Day can consider alternative gifts. For example, a handmade gift can often hold a lot more meaning than an expensive object. Although nearly 3 in 10 people think a Valentine’s Day gift is worth going into credit card debt for, we don’t recommend that as credit card interest can make things a lot more expensive and you risk credit score damage if you’re unable to make timely payments.”

Do you have any tips for how singles can get their finances relationship-ready?

“The three biggest financial turnoffs when it comes to romantic partners are a high level of debt, irresponsible spending and gambling, according to a new survey from WalletHub. While gambling addiction can require professional help, a high amount of debt and irresponsible spending can be addressed with careful budgeting, cutting unnecessary expenses and paying down debts with the highest interest rates first. Once you’re in a relationship, it’s important to be honest about your finances, especially if you’re at a level of serious commitment. Around 7 in 10 people think financial infidelity, or lying about your finances, can be worse than cheating.”