Valentine’s Day is that special day of the year when couples, families, and friends celebrate their love for one another; whether its homemade cards from your kids, a bouquet of flowers left on your doorstep, or a box of chocolates left at your desk at work – this holiday is filled with sweet surprises of all flavors. These traditions evolved over time, eventually making Valentine’s Day a more consumer-driven holiday. Can you take a guess of how much money is spent on Valentine’s Day?
According to the National Retail Federation, jewelry is the most popular gift given on Valentine’s Day. Following jewelry is an evening out, flowers, clothing, candy, gift certificates, and greeting cards. Just how much are consumers spending on these gifts? Let’s take a look.
- Jewelry - $4.3 billion
- Evening out - $3.8 billion
- Flowers - $2 billion
- Clothing - $1.9 billion
- Candy - $1.7 billion
- Gift Certificates - $1.4 billion
- Greeting Cards - $1 billion
The prediction for Valentine’s Day in 2018 is that consumers will spend an average of $136.57 each for a total amount of $18.2 billion! That’s a lot of chocolate and diamonds. Now, the Valentine’s Day statistics may not have surprised you very much and it’s likely that you have contributed to at least one of the categories on this list. Many people choose to spend what they can on their significant other, family, friends, and even pets to make the day special.
While spending money on Valentine’s Day surprises may be an easy topic of conversation for couples, other financial discussions are being left out entirely. Keeping financial secrets from your significant other is considered financial infidelity. According to the National Endowment for Financial Education (NEFE), of the 66% of U.S. adults who have combined finances with their partner:
- 2 in 5 admit to lying about or withholding financial information from their partner;
- 39% have hidden a purchase, bank account, statement, bill or cash; and
- 1 in 5 have said their significant other lied about earnings or debt.
75% of those who have committed financial infidelity said their deceptions have affected their relationship—in 13% of cases it led to separation, and in 12% of cases, divorce.
According to the North Carolina State Center for Health Statistics, marriage in Mecklenburg County is on the rise! In 2016, 7,242 total marriages were reported—a huge increase from the 6,621 marriages reported in 2014. Whether you are among this number of recent marriages, or you’re celebrating your 10th Valentine’s Day as a couple, keeping your significant other in the loop when it comes to money is essential. Do not let financial infidelity get in the way of future Valentine’s with your loved ones.
As Forrest Gump would say, “Life is like a box of chocolates. You never know what you’re gonna get.”
At Hatcher Law Group, we are dedicated to providing you with exceptional legal services. Our attorneys work diligently to simplify the complexities of each case, alleviating unnecessary stress and ensuring each client’s experience is as seamless as possible. Schedule a consultation with one of our family law attorneys today.