On Valentine’s Day, warm hearts meet cold cash

Don’t waste arrows, Cupid – those things can be expensive!

Americans will break spending records this Valentine’s Day, according to a National Retail Federation and Prosper Insights & Analytics survey. This, in spite of the fact that the percentage of people who actually celebrate the holiday continues its 12-year downward trend (cue sad music).

NRF President and CEO Matthew Shay says that the scope of folks receiving Valentine’s gifts is widening beyond significant others, possibly as a result of the strong economy. Candy remains the most popular gift, but we will spend the most on jewelry – $3.9 billion worth, which could really weigh down a winged cherub.

If you’re shopping last-minute, your department store of choice might be a bit crowded – 35-percent of us buy gifts for our Valentines there (no data available on how many of us scrounge up sad-looking flowers at a gas station on our way home). Check out all the survey’s findings – including how much we spend on Valentine’s Day gifts for our pets – at this link.