Valentine’s Day Spending Expected to Soar This Year

Americans shelled out more for holiday presents last year, and it looks like that trend will carry over to Valentine’s Day — analysts expect spending on gifts like flowers, candy, cards and jewelry to rise eight percent compared to numbers seen in 2011.

In addition, four million Americans are expected to propose marriage — or be the recipient of such a proposal — on the traditionally romantic holiday.

Among them, nearly half think dropping $1,000 to $5,000 on an engagement ring is appropriate. But there are still some big-spenders out there — five percent thought $10,000 or more for the bling was a better number.

The American Express poll of 2,000 US adults about their planned spending on Valentine’s Day also found about half of respondents plan to dine at a favorite restaurant, a 7 percent boost over last year.

The most popular gifts? Flowers, followed by gift cards, jewelry and electronics.

[Reuters]