Proposals, raised spending to mark Valentine's Day
Consumers will be digging deeper into their pockets to buy flowers, gift cards and chocolates on Valentine's Day with average spending expected to rise eight percent over last year to nearly USD 200.
January 31, 2012 / 19:21 IST
Consumers will be digging deeper into their pockets to buy flowers, gift cards and chocolates on Valentine's Day with average spending expected to rise eight percent over last year to nearly USD 200.
And along with their expanding wallets 4 million Americans are expected to pop the question or receive a proposal on Feb 14."We've seen a consistent trend of consumers saying they will spend more, from holiday shopping to 2012 travel plans, and spending plans for Feb 14 are no exception," said Sonali Chakravorti, vice president at American Express.In its latest spending and savings tracker American Express questioned 2,000 adults across the United States to gauge how much and on what consumers will be spending their money on Cupid's big day.Nearly half of people said they intend to celebrate at a favorite restaurant, seven percent more than last year. Flowers are still the most popular gift for a Valentine, followed by gift cards, jewelry and electronics.Among couples getting betrothed, 30% said they would propose during a weekend getaway or vacation, which have been dubbed engagementcations.To seal the deal, 48% of people think an engagement ring costing between USD 1,000 to USD 5,000 would be appropriate but 22% said up to USD 2,000 for bling would be more realistic, while five percent thought nothing of spending USD 10,000 or more on a ring.Although nearly 40% of women think whoever asked for the date should pay for it, 14% said the bill should be split, but most unmarried men said they would cover the cost of the date.Finances can be a delicate subject, so half of people don't talk about money until they have been together six months and 20% of married couples did not broach the subject until after they have tied the knot.After marriage money matters can be a cause of disagreements, although the poll showed arguments over household budgets, spending on the children and everyday purchases have declined since last year.More men than women take credit for paying credit cards, property and school taxes and for filing income taxes, according to the poll, but 70% of women said they managed the household budgets. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
