Americans will spend more on Valentine’s Day this year

After months of rising prices and dwindling savings, the U.S. consumers are feeling the pain, but a recent survey found that it won't stop them from spending for Valentine's Day this year.

Americans plan to spend $25.9 billion on sweethearts this year, up from $23.9 billion a year ago, according to data released by the National Retail Federation and Prosper Insights Analytics. That means that 2023 could be one of the highest spending years on record for the holiday.

More than half of the respondents said they plan to celebrate Valentine's Day and will spend an average of $192.80, up from $175.41 a year ago.

Some experts are concerned that the feelings of generosity surrounding this year's February 14 celebration will only add to Americans' already swollen credit card balances, given recent trends.

David Ragland, CEO of IRC Wealth and a certified financial planner, says that the higher projected spending spree will definitely go on credit cards for many consumers.

He noted that while savings rates have plunged, consumers still feel comfortable spending because the unemployment rate is high and many people still have money in their pockets left over from the pandemic.

Ragland told FOX Business that our emotions really control our spending, which sometimes hampers our financial development and financial success.

The financial adviser said that the high inflationary environment last year disrupted many people's budgets, and he is recommending that all of his clients reassess where their money is going.

Right now, because of inflation, sit down and look and see what you've spent in January and February, and see what you've spent, he said. It's going to give you a better feedback loop so you can make better financial decisions.