Study: New York is one of the best places to celebrate Valentine’s Day

With Valentine’s Day just around the corner and America’s sweethearts expected to spend $25.9 billion on the holiday this year, personal finance website WalletHub today released its report on the best places to spend Valentine’s Day in 2023. He also released his nationwide 2023 Valentine’s Day Spending Survey, which showed that more than 1 in 4 Americans expect their Valentine to not spend money on gifts this year.

To determine the most romantic yet affordable cities to celebrate Heart’s Day, WalletHub compared the 100 largest US cities across 26 key metrics, ranging from the number of flowers per capita to projected rainfall to the cost of a three-course meal for two.

NYC Heart Day Celebration (1=Best, 50=Average):

• 12^th – Number of restaurants per capita
• 1^st. – Chocolate shops per capita
• 17^th – Percentage of residents who are fully vaccinated against COVID-19
• 55^th – Florists per capita
• 9^th – Number of greeting card and gift shops per capita
• 25^th – Weather forecast for Valentine’s Day

Valentine’s Day Spending Survey – Key Statistics

• Some people expect smaller gifts. 23% of Americans expect their loved ones to spend less on Valentine’s Day this year.
• Dinner might be too expensive. 36% of people say that eating out at a restaurant on Valentine’s Day is bad.
• V-Day debt is worth it for some people. Nearly one in five Americans believe that a Valentine’s Day gift is worth going into credit card debt.
• Financial infidelity hurts. More than half (55%) of Americans believe that financial infidelity can be worse than cheating.
• Bad Credit Can Leave You Lonely. About half of Americans won’t marry someone with a bad WalletScore or bad credit.
• Reckless spending leads to separation. Half of Americans would break up with their significant other if they spent money irresponsibly.
• Paid dating apps are unwanted. 82% of Americans say it’s not worth paying for dating apps in 2023.
• Bad habit of spending stinks. More than half of Americans say irresponsible spending is more of a hindrance than bad breath.

Facts about Valentine’s Day

• $25.9 billion: Total Valentine’s Day spending projected for 2023 ($192.80 per person celebrating).
• 2X: Men will spend, on average, almost twice as much as women on Valentine’s Day 2023.
• $9.9 billion: The amount Americans will spend on jewelry ($5.5 billion) and a special evening ($4.4 billion).
• 25%: Percentage of marriages contracted online.
• 33%: Overall increase in U.S. online dating activity between Feb. 1 and Feb. 14.
• $28.3 billion: Projected size of the global dating services market by 2027.

Questions and answers

Do you think people in the dating scene worry about things like credit scores and financial literacy?

“People want to date financially responsible people, especially as high inflation continues to weigh on the wallets of many Americans. In fact, half of Americans would break up with their significant other if they spent money recklessly,” said WalletHub analyst Jill Gonzalez. “If you’re looking to settle down, it’s a good idea to make sure you have a decent credit score, as over 47% of people won’t marry someone with bad credit. Bad credit can cause someone to lose hundreds of thousands of dollars in their lifetime, so this statistic is not surprising. Fortunately, people with bad credit can improve their credit score over time if they stick to a budget and practice responsible credit management.”

Why are men more likely to think that buying a Valentine’s Day gift is worth going into credit card debt?

“Men are nearly 45% more likely than women to believe that a Valentine’s Day gift is worth going into credit card debt, according to WalletHub’s new Valentine’s Day spending survey. Some of the reasons for this discrepancy likely include societal expectations for dating and historical gender roles. But even if we can explain these statistics, this does not mean that it is good. Buying a gift is never worth going into debt, especially during times of high inflation. Fortunately, 23% of Americans already expect their partners to spend less this year, so they have less need to rob the bank,” said WalletHub analyst Jill Gonzalez. “People who can’t afford to spend a lot this Valentine’s Day might want to consider alternative gifts. For example, a handmade gift can often be much more important than an expensive item.”

Do you have any advice on how single people can prepare their financial relationships?

“Some of the biggest drawbacks when it comes to romantic partners are bad credit history and irresponsible spending. Both can negatively affect a person’s future income and how they can behave in other areas of life. Single people who have problems with overspending or bad credit may want to work on improving their financial situation before trying to date,” said WalletHub analyst Jill Gonzalez. “Some of the best first steps to take include increasing the amount of money you save or use to pay off debt, making fewer non-essential purchases, and sticking to a budget. You should also regularly monitor your credit score and credit report and look for ways to increase your income. Taking the time to improve your finances can lead to better romantic prospects.”