Rose-Two Wine Glasses g90db26229_640American consumers spend more than $25.9 billion on Valentine’s Day each year. It makes the holiday the third-priciest on the calendar for U.S. consumers.

Valentine’s Day spending for 2023 is estimated to be $192.80 per person celebrating, according to a Valentine’s Day survey by WalletHub, a personal finance website.

There is nothing wrong with getting into the Valentine’s Day spirit and surprising that special person in your life with a sweet note or small token gift, said Andrew Burnstine, Ph.D., associate professor of the College of Business and Management at Lynn University.

But, Burnstine urges consumers not to go overboard on spending, especially if your finances are already on shaky ground.

“Rather than pay a premium for what will probably amount to a mediocre restaurant meal, whip up something delicious at home,” he said. “Instead of jewelry, craft something meaningful, like a personalized mug that can be had at a fraction of the cost.”

And, wait until the day after Valentine’s Day to invest in a giant box of chocolates, Burnstine said. Retailers tend to overstock for the holiday, and you will likely get it for 50 percent off if you wait 24 hours.

Here are facts and figures on Valentine’s Day 2023 from the WalletHub survey:

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Rita Robison Consumer & Personal Finance Journalist

For more than two decades, Rita R. Robison has been a consumer and personal finance journalist making her living by finding the best bargains, calling out the crooks, and advocating for regular people just like you and me. In that time, Robison has talked to so many people who feel like their money just isn’t getting them what they want, where they want to be, or the life they thought it would.

The purpose of her blog is to help you get what you want from your money. Robison covers financial goals, budgets, debt reduction, saving, smart choices for buying goods and services, and retirement planning. You’ll also find articles on safety, such as avoiding scams, looking out for rip off companies, and getting informed on the latest recalls.

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