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Consumers plan on reducing how much they spend on significant others for Valentine's Day
By Edith Barlow on Feb 5th, 2010
Trying to avoid needing to pay off debt in the future may be one reason why consumers will cut back on their Valentine's Day spending this year.
According to a report from the National Retail Federation, spending on this year's love-related holiday is expected to hit $14.1 billion. However, the average amount people expect to spend on their significant other is expected to drop when compared to last year.
This year, consumers surveyed said they expect to spend $63.34 on their main squeeze. Last year that amount came to $67.22. However, overall spending per consumer for Valentine's Day is expected to be about the same as last year at $103.
That's because consumers plan on spending a bit more on friends and family this year for Valentine's Day. For example, this year the average person is expected to spend $5.37 on friends, which is up from $4.29 last year.
"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," said NRF president Tracy Mullin.
Spending less on gifts and paying more attention to thoughtful presents has been a trend of late as consumers concentrate on avoiding a situation where they will have to pay off debt. 
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