February 13, 2019
Canadians Love to Spend Money on Valentine’s Day, How Does Your Budget Compare?
If there’s one thing we know for sure, it’s that Canadians are in the business of celebrating Valentine’s Day. Whether a romantic night out or a casual night in, Canadian consumers make it a point to find the time, and the money, for love.
Married or Single, Budget Accordingly
According to Statistics Canada, there are 8.2 million Canadian couples living together and 12.4 million Canadian singles living on their own. Whether you’re married, single, or somewhere in between, there are plenty of reasons to celebrate those you love and plenty of opportunities to spend some cash.
With the average Canadian planning to spend around $164 on the most romantic night of the year, creating a budget and then sticking to it should be one of your top priorities.
Choose What Works for You
The pressure to go all out on Valentine’s Day is likely the most common reason why consumers are unable to stick to a budget. If cash flow or debt problems are a concern of yours, put on your blinders, ignore the excessiveness, and plan a night that works for you. With 20% of Canadian consumers planning to make a home-cooked meal to celebrate and 17% looking for a quiet romantic night at home, there’s no need to rack up a credit card bill.
Choose One Item to Splurge On
If going all out is more your style, but being cautious of how much you spend is still a priority, why not choose one thing to splurge on? If you and your significant other are foodies, join 21% of Canadian consumers and make reservations to enjoy dinner at your favorite restaurant. Rather save on food? Here are some of the other most common ways Canadians express their love on Valentine’s Day. On average Canadians spend….
- $190 on jewellery
- $76 on tickets for a concert or show
- $61 on lingerie
- $40 on flowers
- $18 on chocolate and candy
Married Couples vs. Dating Couples
What about relationship status? Does that affect the amount of money Canadians are spending on Valentine’s Day? Not surprisingly it does. Dating couples are more likely to spend a little extra on their significant other The average non-married couple spends around $148 while the average married couple spends a little less at $134.
Battle of The Sexes
When it comes to who spends the most, Canadian men are dishing out the most, with the average male consumer spending $219. On the other hand, female consumers on average are spending about half that at $109. But, regardless of who is spending more to say, “I love you”, 83% of Canadians think there is simply too much pressure placed on everyone to celebrate February 14th. Furthermore, 74% of consumers in relationships say that material gifts aren’t that important to them. 44% of women and 45% of men want to celebrate Valentine’s Day by spending quality time together. For those couples who are more interested in spending time than money, this is a great opportunity to save a little extra cash and get creative.
Love is in The Air
For the roughly 12 million single Canadians living on their own, the good news is that 54% of single men and 50% of single women use Valentine’s Day to look for love. So, if you’re looking for love this year, the 14th could be your night.
This article was written by Caitlin Wood. She is a personal finance blogger and works as the Chief Content Officer at Loans Canada, the nation’s original loan search platform. You can find more of her work here.