Love may be in the air but there is less money in people’s pockets. So maybe it’s not surprise that a new study by the National Retail Federation shows American couples plan to spend 6 percent less on each other this Valentine’s Day.
"The economy has forced consumers to rethink their gift giving practices," Phil Rist, Executive Vice President, Strategic Initiatives, BIGresearch said.
Couples will spend $63.34 on gifts for their significant other or spouse, compared to $67.22 last year. Men are expected to spend nearly twice as much as women, the survey found, shelling out an average of $135.35 compared to $72.28 by women.
And instead of jewelry or an evening out, many people say they plan to instead buy sweaters and winter accessories.
Maybe that’s because of all the snow most of the country is seeing this winter.
Remember you can find some good ideas on ways to save on my Deals of the Week blog.