Valentine’s spending: Millennials lead the charge

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Young love combined with Valentine’s Day equals big bucks according to a recent survey from Bankrate.com.

“When it comes to Valentine’s Day spending, millennials are leading the charge,” says Bankrate’s Sarah Foster.

That charge is an expensive one, and retailers have noticed.  They’re marketing heavily to those young lovers.

Foster says that spending may be motivated by a desire to impress a significant other, as well as others.

“They are really tied into social media, and that comes with an inherent pressure to impress your followers,” she notes.

One thing sure to impress on social media is a romantic weekend getaway.  Travel expert Jeanenne Tornatore suggests a large city to take advantage of weekend hotel deals, 
or a getaway closer to home.

“Think about playing hometown tourist,” Tornatore says. “It is actually one of my favorite things to do over a long weekend, it’s perfect for that Valentine’s day gift.”

And if money is an object, take heart.

“Only about 6% of our survey respondents said they were disappointed in a gift because it was too cheap, so that really does demonstrate how sentimental value is what is important here,” Foster adds.

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