Americans will spend record amounts of cash this Valentine’s Day, survey says

Survey: Valentine's Day spending will set record high

(CNN) - Are you breaking the bank this Valentine’s Day?

You’re not alone.

According to the National Retail Federation, the average person will spend about $162 to shower their significant other with love. That’s an expected record-breaking total of $20.7 billion.

"This is up from last year's record of $19.6 billion," said Kathrine Cullen with the National Retail Foundation, "an all-time high in our survey's history."

The survey finds men will do the most spending at a little over $229 dollars. Women will spend significantly less at about $97.77.

Although people still prefer experiences over materialistic things, they still want the traditional gifts like candy, flowers, an old-fashioned greeting card or just going out to a nice meal.

“What people will spend the most on is things like jewelry, an evening out where that’s tied to a gift or just an event in and of itself," Cullen explained.

Despite the high spending levels, the survey found fewer Americans will celebrate the holiday this year – only 51 percent compared to 55 percent last year.

But those who will be celebrating are spreading the love further.

"People have really expanded the definition of who they're celebrating for Valentine's Day. Now, it's also about celebrating your co-workers, your friends, your kids’ classmates, their teachers," Cullen said.

That includes pets. The survey found that 20 percent of those surveyed said they plan to buy a gift for their furry loves.

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