Valentine's Day can be a divisive holiday. While many consumers look forward to spending on their Christmas gifts and events, by comparison Valentine's can have the ring of a cash grab - much like Boss Appreciation Day, which is, apparently, also a thing. Despite that resentment, it's still pretty common for significant others (or contenders!) to go way over the top on Valentine's -- especially now that their efforts will be broadcast onto Instagram.
As consumers have become savvier, they've also become active in cutting down frivolous spending around holidays. We surveyed a diverse group of Canadian consumers to find out if this Hallmark holiday is still worth the splurge. It turns out that even as a nation of romantics, we're far from financially hopeless.
Here are some of our findings:
42 per cent keep their spending under $50
As credit counsellors, that 42 per cent makes us happy! It shows that close to half of those sampled are careful about how much money they really need to spend to make Valentine's Day a great one. It's a great idea to set a budget based on what you can reasonably afford - not what you feel pressured into paying for, or what you think will make your significant other happiest!
25 per cent have spent more than they should on Valentine's Day
If we were the gambling type, we'd bet everyone in the 15 per cent who don't budget would also fall into this category. Even the most frugal people tend to use gifting as an excuse to splash their cash -- as they're not spending money on themselves, they can disconnect from the purchase and justify the costs that way. This type of behaviour doesn't just surface around Valentine's Day, either -- it can happen all year long.
91 per cent would rather spend time with their partners watching Netflix or enjoying a home cooked meal.
This was our favourite stat, because it shows your significant other probably doesn't want a big spectacle for Valentine's Day -- and of course, a cozy night at home is really easy on the wallet. This is a lesson people can learn for any holiday, but especially Valentine's Day -- it really is the thought that counts.
If you want some money saving ideas or need help in budgeting around this holiday or others, please don't hesitate to give us a call! We can help you love your wallet again.
Click below to see our full infographic:
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