Couples to spend less for Valentine’s Day

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Couples plan to spend less on each other this Valentine’s Day, but more on family, friends, co-workers and even their pets.

The National Retail Federation’s annual Valentine Day’s report, said that couples will spend $63.34 on gifts for each other, compared to $67.22 last year; but will shell out a total of $103 on traditional Valentine’s Day merchandise this year, similar to last year’s $102.50. Total holiday spending is expected to reach $14.1 billion.

With Americans cutting back on gifts for their significant others, their friends and family can expect a little bigger present this year. The average person will spend $5.37 on friends, up from $4.74 last year. Family pets will also feel the love this year, with the average person $3.27 on their furry friends, up from $2.17 last year.

“While some may view Valentine’s Day as a cliché, many people still look forward to giving significant others, friends, family and even pets something special,” said Tracy Mullin, president and CEO of the organization. “Rather than not give anything at all, consumers will instead focus on small, thoughtful gifts for the people who mean the most to them this year.”

Men will spend nearly twice the amount women do for the holiday. The average man will spend $135.35, while women spend $72.28.