How Much Do We Spend on Valentine's Day?

Valentine's Day has a notorious reputation for being the holiday invented just to make money. And it works. February 14, 2009 is expected to secure more than $17 billion in red Valentine's dollar. Americans have a deep love affair with retail and celebrate that love every February with shopping carts filled with Hannah Montana tear-away Valentines, big fluffy stuffed animals holding signs of adoration, and enough chocolates to de-rail all those January resolutions.

So exactly how much do we spend on the Valentine's Day retail rush?

According to the National Retail Federation 2008 Consumer Intentions and Actions Survey conducted by BIGresearch the average Americn consumer will spend $122.98 on Valentine's Day gifts. The survey breaks down the numbers further:

25-34-year-olds will spend about $160 on Valentine's Day gifts

18-24-year-olds come in second with $145 each

55-64-year-olds will spend about $110 each

More than 50% of shoppers will purchase at least one Valentine's Day card, 48.2% will plan for the evening out and another 48% will purchase Valentine's candy. More than a third of us will buy flowers, a tenth will give gift card, and another tenth will buy Valentine's clothing (so now you know who buys all those themed shirts from Old Navy).

And an additional $367 million Valentine dollars will be spent on showing our pets how much we love them, at least for about 17% of us.

And who are the biggest Valentine's Day shoppers? Barely surprising, men spend almost twice as much as women, $163 each versus $84, out that combination of love and guilt that only Valentine's Day, and your wife, can create.

Most of the Valentine's Day money goes to the significant other, about $80, but people also spend about $6 on their friends, $4 on children's classmates and teachers, and $3 on co-workers.

And all that money isn't going just to the chocolatiers, florists and Hallmark. When it comes to Valentine's Day any retail store and service business has a chance to grab the cash, if they're willing to get creative. Spas, perfumeries, and hairdressers offer specials to get you ready for your big Valentine's Day date as well as couples services like massages, pedicures, and facials. Clothing stores target cheesy holiday lovers with themed T-shirts, socks, and boxer shorts. Housewares and linens departments use color coordination to attract your eyes and encourage your wallets to open. And, of course, well trained sales staff are schooled on the power of suggestion from offering gift cards to accessories in Valentine's colors red, pink, white, and purple.