Consumers spending big for Valentine's Day

Consumers are projected to spend 44% more showing their love this Valentine's Day and nearly four in 10 are planning a romantic restaurant experience, according to a Lending Tree survey that polled 2,100 Americans.

On average consumers will spend $208, up from $144 last year and $142 in 2020, according to press release on the report's findings.

Additional findings include:

• Nearly a third (30%) of partnered consumers say it's at least somewhat likely they'll incur credit card debt due to Valentine's Day spending. Of that group, 43% would hide the debt from their partner.

• Dining out is back: 37% of couples will celebrate the holiday be going out for a special dinner, up from 26% last year. Similarly, fewer couples say they are skipping the holiday to save money this year (31%, down from 39% in 2021).

"Inflation is generally making everything more expensive, so I'm not surprised that spending is expected to be higher than previous years," Matt Schulz, LendingTree credit card expert, said in the release. "Plus, it's a vaccinated Valentine's Day so people may feel a little more comfortable going out and spending on dining out, shows and other typical celebratory trappings that they might have shied away from the past couple of years."