Valentine’s Day love goes practical as couples cut costs

Nearly half of Americans are doing Valentine’s Day on a budget this year, according to new research.

A survey of 2,000 respondents evenly split by generation looked at the game plan for shopping ahead of Feb. 14 this year.

While three-quarters of those surveyed usually look for Valentine’s Day deals anyway, 48% said the current economic climate will incentivize them to use loyalty programs, rewards or discounts more than previously.

But a good present doesn’t need to break the bank: 87% believe that an inexpensive Valentine’s Day gift can be just as meaningful as an expensive one.

Practical gifts are in, too. While 30% say that romantic gifts feel most thoughtful, more than twice that percentage said that practical gifts feel just as, if not more, thoughtful (69%) — along with multiple small gestures as opposed to one large gesture (25% vs. 11%).

Looking at what — and who — they’ll be spending on, the average person expects to be shopping for two valentines this season, purchasing an average of three gifts.

One in six are even treating themselves to a Valentine’s Day present, with millennials the likeliest to spend on themselves.

However, 39% of those in relationships admit they feel clueless about what to get their partner for Valentine’s Day.

Conducted by Talker Research for CVS (https://www.cvs.com/extracare/home), the survey found that nearly two-thirds of respondents believe that Valentine’s Day isn’t just for people in relationships anymore (63%).

While younger generations agree with this sentiment (68%), Gen X and baby boomers are last to get on board (61%); still, 63% think that Valentine’s Day is just as much of a time to celebrate loved ones with gifts as the winter holidays.

Although the most budget-conscious (60%), Gen Z is also most likely to spread Valentine’s love to friends and family members.

This year, common Valentines include significant others (53%), children (38%) and parents (17%), while others shop for friends of the same (11%) and opposite genders (14%) and siblings (11%).

“People aren’t just shopping for one Valentine anymore, which means that having a one-stop destination in their community to help them celebrate without overspending is more important than ever,” said Hannah Roshetko Raser, assistant vice president of Strategy & Loyalty at CVS Health. “We’re there to make it easy to shop and save on all the Valentine’s Day essentials.”

Above all, a third of those shopping for someone else anticipate their significant other being the hardest to shop for (35%).

The effort is worth it for 67% of those in relationships who said that celebrating Valentine’s Day is important in their relationship.

Young love thrives on these gestures, as more respondents who have been in a relationship for up to two years emphasize Valentine’s Day than those who have been together longer (77% vs. 65%).

Knowing what to get a partner proves to be more of a struggle for newly-in-lovers than those who have been together for at least three years (52% vs. 36%).

If you’re looking for ideas, respondents love getting chocolate and candy (40%), but dinner was a close second at 38%. Flowers (28%), gift cards (25%) and cards (25%) also made the top five.

According to those surveyed, flowers are most meaningful to Gen Z, while it’s between cards and experience gifts for millennials. Dinner means the most to Gen X and baby boomers.

If the age of your relationship tells you anything, flowers, jewelry and practical items are favorites among newer couples, while more seasoned lovers appreciate dinner, cards and experience gifts.

Baby boomers are especially in the spirit of budget-friendly Valentine’s Day presents (91%).

Budgets are tight, so more than a third of respondents in a relationship are keeping their spend on Valentine’s Day presents for their partner in the double digits (35%).

And those who have been in a relationship for a shorter period of time have more to prove, averaging higher Valentine’s Day spends ($209 vs. $192).

“This survey reinforces that Valentine’s Day isn’t about spending more — it’s about spending smarter without sacrificing thoughtfulness,” said Raser. “As shoppers look for ways to stretch their budgets, savings and rewards programs can help them share the love, without spending more to do it.”