Report: Consumer spending to increase this Valentine's Day - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Report: Consumer spending to increase this Valentine's Day

Americans are expected to spend more on Valentine’s Day than they did in 2017, according to The National Retail Federation. (Source: CNN) Americans are expected to spend more on Valentine’s Day than they did in 2017, according to The National Retail Federation. (Source: CNN)

(CNN) – Cupid’s arrow may puncture your wallet.

The National Retail Federation said Americans will spend a total of $19.6 billion this Valentine’s Day.

That’s a lot of flowers and chocolate, and it’s more money than last year.

The federation said people plan to spend an average of around $145 on Valentine’s Day gifts, which is about $7 more than last year.

Consumers plan to spend around $90 on their significant others.

Kids and parents will also feel the love, getting roughly $25 worth of stuff.

Most plan to allocate around $7 for teachers and friends.

And man’s best friend will get a little something to the tune of about $6.

Average jewelry sales could hit $4.7 billion. Around $2 billion is expected to go to flowers, and $1.8 billion could go to candy.

And $894 million could be spent on cards.

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