70 Million Americans Expect Their Partner To Spend Less On V-Day + Best Places For Valentine’s Day 2022
With Valentine’s Day just around the corner and America’s sweethearts having spent $21.8 billion on the holiday last year, the personal-finance website WalletHub today released its report on 2022’s Best Places for Valentine’s Day as well as accompanying videos.
It also released its nationally representative 2022 Valentine’s Day Spending Survey, which found that 70 million Americans expect their partner to spend less this year compared to last year. To determine the most romantic yet affordable cities for celebrating the Day of Hearts, WalletHub compared 100 of the largest U.S. cities across 27 key metrics, ranging from florists per capita to forecasted precipitation to the cost of a three-course meal for two.
|Top 20 Places for Valentine’s Day 2022|
|1. San Francisco, CA
2. Seattle, WA
3. Honolulu, HI
4. Orlando, FL
5. San Diego, CA
6. Washington, DC
7. Portland, OR
8. Las Vegas, NV
9. Scottsdale, AZ
10. New York, NY
|11. San Jose, CA
12. Austin, TX
13. Chicago, IL
14. Denver, CO
15. Pittsburgh, PA
16. Virginia Beach, VA
17. Raleigh, NC
18. Albuquerque, NM
19. Boston, MA
20. Los Angeles, CA
- Some People Prioritize Financial Stability. Almost a third of people say money matters more to them in a relationship now than it did before COVID.
- Bad Credit Might Keep You Single. Compared to last year, 37% more Americans say they wouldn’t marry someone with bad credit.
- People Are Less Inclined to Go Into Debt This Year. 17% fewer Americans think a Valentine’s Day gift is worth going into credit card debt this year compared to last year.
- More Men Say V-Day Debt is Worth it: Men are 29% more likely than women to think a Valentine’s Day gift is worth going into credit card debt.
- Financial Infidelity Hurts: Over half (53%) of Americans feel that financial infidelity can be worse than cheating.
- Keeping Secrets About Money Hurts Relationships: 30% of people say financial secrets are the worst relationship problem in 2022.
- $23.9 Billion: Total Valentine’s Day spending projected for 2022 ($175.41 per person celebrating).
- $235 vs. $119: Men will spend almost twice as much as women, on average, for Valentine’s Day 2022.
- $10.7 Billion: Amount Americans will spend on jewelry ($6.2B), flowers ($2.3B), and candy ($2.2B).
- 26%: Share of marriages that begin online.
- 33%: Overall online dating activity increased across the U.S. between February 1 and February 14.
- 58%: Share of Americans who say that romantic gestures are more important to them now than they were pre-pandemic.
Do you think people on the dating scene worry about things like credit scores and financial literacy?
“People want to date people who are financially responsible, especially as the COVID-19 pandemic continues to put stress on many Americans’ wallets. In fact, almost a third of people say that money matters more to them in a relationship now than it did before COVID,” said WalletHub analyst Jill Gonzalez. “If you’re looking to settle down, it’s a good idea to make sure your credit score is decent, as around 49% of people would not marry someone with bad credit (compared to 36% last year). Bad credit can cause hundreds of thousands of dollars in financial losses during a lifetime, so that statistic isn’t too surprising. The good news for people with bad credit is that anyone can improve their credit score over time if they use credit responsibly and stick to a budget.”
Why are men more likely to think that buying a Valentine’s Day gift is worth going into credit card debt?
“Men are 29% more likely than women to think that a Valentine’s Day gift is worth going into credit card debt, according to WalletHub’s new Valentine’s Day Spending Survey. Some factors contributing to this likely include historical gender roles and societal expectations for dating. However, even if we can explain this statistic, that doesn’t mean it’s a good thing. It’s never worth it to go into debt just to buy a gift, especially during the COVID-19 pandemic. Luckily, 70 million Americans are already expecting their partners to spend less this year, so there’s less pressure to buy,” said WalletHub analyst Jill Gonzalez. “People who don’t have a lot of money this Valentine’s Day can consider alternative gifts. For example, a handmade gift can often be a lot more meaningful than an expensive object.”
Do you have any tips for how can singles get their finances relationship-ready?
“Some of the biggest turnoffs when it comes to romantic partners are irresponsible spending and bad credit since they can reflect negatively on the amount of money someone will make and how they might behave in other areas of life. Single people who struggle with overspending and bad credit might want to work on improving themselves in those areas before trying to date,” said WalletHub analyst Jill Gonzalez. “Some of the best first steps to take include creating a budget and increasing the amount of money you save or use to pay off debts while making fewer non-essential purchases. You should also monitor your credit score and report regularly, as well as look for ways to increase your income. Taking time to improve your financial standing may lead to a boost in your romantic prospects.”