Millennials are expected to spend more

Millennials are expected to spend more

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When it comes to pleasing their significant other this Valentine’s Day, millennials might go the extra mile in 2020.

Americans between the ages of 24 and 39 expect to spend more than those who are older, according to a Bankrate.com report.

While the average person is expected to spend $152 this holiday, millennials could spend an average of $208. Their spending plans include gifts, dining and entertainment. 

Valentine Gifts     • Time:  Late 17th century Noted English diarist Samuel Pepys wrote often about Valentine's Day rituals in 17th-century England. As part of the celebration, women were given small gifts. Pepys wrote about buying gloves for his wife.

“Social media also has a prominent presence in this age group’s life, meaning they could feel pressure to keep up with the latest fads or impress their following,” said Bankrate.com analyst Sarah Foster.

Meanwhile, Gen Xers are expected to spend $160 and baby boomers $101. 

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In general, 70% of adults in the U.S. plan to spend money for this Feb. 14th. And 75% of millennials are planning to spend during the holiday, while 67% of Gen Xers and 68% of baby boomers plan to do so.

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