Inflation expected to decrease Valentine's Day spending

Consumers may be feeling the love for Valentine’s Day. But that doesn't mean they will be opening their wallets.

According to a survey from Trustpilot, 30% of Americans in relationships are not celebrating Valentine’s Day with their partner/significant other because it’s too expensive. Similar numbers of Gen Z (26%) and Millennials (26%) in relationships who plan on celebrating say they will likely have to sacrifice cost of living needs (gas, food, rent, etc.) to afford Valentine's Day this year.

A third (33%) of Americans in relationships told Trustpilot that they expect inflation and the rising cost of goods will force them to cut Valentine’s Day spending by about 50% less compared to 2023. Last year, that number was 28%, according to Trustpilot’s previous survey, showing that more consumers want to spend less on the romantic holiday year-over-year. 

Twenty-one percent of Americans in relationships said they feel obligated to spend more on the holiday than they can afford, and 19% said they feel their partner/significant other actually expects them to spend more than they can afford. Millennials (33%) and Gen Z (21%) in relationships say they feel more pressure to spend this year than in 2023.

“Our findings last year were eye opening, as consumers told us they were cutting down on spending on Valentine’s Day because of the cost of living crisis, and this year is no different, possibly worse,” says Alicia Skubick, Chief Customer Officer at Trustpilot. “As people are feeling under more pressure than ever before to splash out on loved ones, one way to relieve that stress is to consult online reviews. They allow consumers to make more informed decisions that will hopefully make their Valentine’s Day the best it can be this year, regardless of budget.”

For its Valentine’s Day 2024 survey, Trustpilot polled 1,013 U.S. adults in a relationship across age groups.