It’s that time of year again, when we fork over copious amounts of money to show our loved ones just how much we care about them.
Valentine’s Day is actually the fourth most lucrative event in the retail calendar in the U.S., according to Adweek. It comes in behind Christmas, back-to-school, and Mother’s Day.
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Over the last couple years, though, retailers have seen our spending shift from physical presents to “experiences.” That’s probably a good thing, according to psychologists who’ve said the latter leads to more sustained happiness.
A study by MasterCard shows Americans tend to consider food to be the most important aspect of Valentine’s Day. It doesn’t come cheap, though. Restaurants are known to jack up their prices significantly through “special” fixed-price menus.
Canadians, meanwhile, are more likely to splurge on travel.
READ MORE: Why not go for a bacon or chip bouquet this Valentine’s Day?
Flowers seem to be losing their appeal: purchases dropped 34 per cent from 2013 to 2015. (Could it be that people finally got sick of paying three or sometimes five times more for roses than they normally cost?)
As for those who are single — sure, Valentine’s Day may seem a little annoying. But just think of all the money you’re saving!
READ MORE: Why falling in love could cost you over $60K
SOUND OFF: What do you think of Valentine’s Day? And how do you plan on spending it? Let us know in the comments section below!
Here’s a closer look at Canada’s love stats and how Valentine’s Day costs break down.
With file from Leslie Young, Global News