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Americans to break spending record on Valentine’s DayPosted: Updated:
Valentine's Day is only a little more than a week away and Americans are already spending money on their sweethearts.
A new study shows that sales are expected to top $20 billion this year. Those surveyed said they would spend an average $161.96. That’s up 13 percent from last year’s $143.56 and easily tops the previous record of $146.84 set in 2016.
The most popular choices are jewelry, an evening out, clothing, flowers, gift cards, and greeting cards.
Even though spending is rising, the National Retail Federation says the percentage of people celebrating the holiday is dropping, with just 51 percent of adults celebrating the occasion.
The retail group found that those skipping the holiday think it's over commercialized, don't have anyone to spend it with, or are just simply over it.