How much will you be spending on Valentine's Day this year? The National Retail Federation says spending will shatter all previous records.

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The average American plans to spend about $196 dollars this year. That's up 21 percent from last year's record of $161. We will spend $27.4 billion this year. That is up  32 percent from last year’s record of $20.7 billion.

NRF President and CEO Matthew Shay says:

Valentine’s Day is a sentimental tradition, but gift-giving can be driven by the economy, Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year. The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say ‘I love you’ this year and to spread the gift-giving beyond just your significant other.

Most of the spending will be on a spouse or partner, but spending is also increasing for friends, family, pets and even co-workers. Has me wondering. Who's buying valentines for people at the office. That never happens around my office.