Nearly 4 out of 10 will skip Valentine’s Day to save money: Survey
LendingTree survey says younger generations and men intend to skip the holiday to put aside cash
Radio host Mike Gunzelman breaks down a new survey on the most underrated and overrated Valentine’s Day traditions.
Love might not be all that in the air this Valentine’s Day.
A new survey from personal finance resource LendingTree suggest that 39% of Americans will skip out on the romantic holiday to save money.
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The survey commissioned from experience management company Qualtrics, surveyed 1,250 Americans across four generations: Baby Boomers, Gen X, Millennials and Gen Z.
Out of the four groups, it appears that younger generations are more likely to ditch Valentine’s Day for 2021.
More than 4 in 10 members of Gen Z (44%) told LendingTree they are willing to skip Valentine’s Day in favor of money. Millennials weren’t far behind at 43%.
Only a little more than one-third of Baby Boomers (36%) said they would do the same.
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Similarly, men were more likely than women to have no celebratory Valentine’s Day plans due to their desire to want to save money.
Forty-four percent of the men surveyed said they plan on skipping the holiday this year and 50% even said they would feel happy if their partner suggested they avoid Valentine’s Day celebrations.
Conversely, 41% of men said they wouldn’t care while 9% admitted they would feel upset at the suggestion.
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Thirty-five percent of the women surveyed said they plan on skipping Valentine’s Day for 2021. And interestingly, 59% of women said they wouldn’t care if their partner suggested they skip the holiday in favor of saving money.
Some Americans are making savings a goal for Valentine's Day instead of typical holiday gifts and celebrations. (iStock)
Nearly one-fifth of women (18%) admitted they would be upset at the suggestion while 23% said they would be happy about it.
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Not so surprisingly, high-earners are said to be the least likely to skip Valentine’s Day so they can save money.
The survey found that 44% of its respondents who made $75,000 or more per year said they don’t plan to skip Valentine’s Day this year over money.
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Meanwhile, the National Retail Federation estimates that Valentine’s Day spending will hit new records this year.
A forecast put out by the group projects the holiday to reach $21.8 billion in gift spending with the average customer putting down $164.76 to make their loved ones feel special.