Love might be blind, and it sure is expensive.
And it’s a good thing the Christmas bills are paid because now comes Valentine’s Day, one of the most costly celebrations of the year.
The National Retail Federation predicts consumers will spend $20.7 billion — which would top the $19.7 billion spent in 2016 — on loved ones this year.
The price of chocolate, champagne and going out to a nice dinner must have gone up significantly.
According to a Bankrate survey, men plan to spend an average of $339 on their partner to stay out of the doghouse. Women, the survey showed, are expected to spend only $64 on their partners, far less than what guys apparently expect women to spend on them ($211).
Conversely, men often go overboard and spend way more than the $154 women expect, the survey said.
Expectations are higher for millennials, with 15 percent responding saying they will spend more than $500 on their partners, while 18 percent expect their partners to fork over between $200 and $500.
The survey also looked at spending habits by region. Those in love in the West will spend an average of $277.60 on their partner. Those in the Midwest had the lowest average of “just” $144.40.
Bankrate’s Be My Valentine Index estimates the cost of an all-out celebration this year at $617. That’s $17 for chocolates, $98 for a dozen, long-stemmed roses, $350 for 1/4 carat princess-cut, 14K white gold diamond earrings and one bottle of champagne ($52).