Valentine's day spending

Average spending: $126.03 per person, up 8.5% over last year

Published On: Feb 01 2013 03:31:01 AM EST
Valentine's Day card

Credit the improving economy, or just the desire to stay out of the doghouse, either way, we will spend more this Valentine's Day than in the last 10 years, according to a National Retail Federation.

Valentine's day has become the 2nd largest consumer spending holiday, second only to Christmas. All this information coming from a survey of more than 8,000 people, conducted by consumer surveyor BIGinsight.

Total spending is expected to reach $18 billion.

Still, Valentine's Day spending this year will only inch up from last year. Last year, retailers were on the receiving end of about $17.6 billion in Valentine's Day spending. That's only about  $4 increase per spender.

WHO SPENDS THE MOST

The average man will spend $168.74 this year, women will spend an average of $85.76.

According to the survey, almost 20% of consumers plan to give their pets a gift.