Ahh, The Cost of Love: What Is It? $19.6 Billion!

Americans will spend about $9.9 million dining out this year, and another $2.1 million on candies and other confections. (Photo via Flickr/Creative Commons)

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By Beth Dalbey (Patch Staff)

American consumers are poised to spend $19.6 billion saying “I love you” this Valentine’s Day, according to a study released this week by the business research groupIBISWorld.

The sales projection is 3.8 percent above 2014 Valentine’s Day sales, due mainly to two factors:

The holiday falls on Saturday, allowing lovers to make more extravagant plans, and lower gas prices – which, though inching up in the past couple of weeks, are still significantly lower than the $3.28 per gallon Americans were paying for gasoline a year ago.

The higher Valentine’s Day sales projections follow strong fourth-quarter 2014 sales in the retail and hospitality industries, which saw a 4.1 percent from 2013 as consumer confidence rose and unemployment fell, according to the U.S. Chamber of Commerce.

Though retailers benefit more from high-end purchases like jewelry and romantic getaways, IBISWorld said most people will celebrate the holiday with sweet and simple gestures, spending an average of $139.70. That’s up from last year, when consumers spent an average of $134.56.

Valentine’s Day sales are expected to increase in all categories, whether greeting cards, candy, jewelry, flowers, dining out, clothing and lingerie, or romantic getaways. But the most popular gifts continue to be:

• Dinner out (estimated sales of $9,858,900)
• Romantic getaways (estimated sales of $2,615,700)
• Candy (estimated sales of $2,120,200)
• Flowers (estimated sales of $1,837,700)

The study also showed that it’s mostly single people who will be handing over the big bucks in their quest to impress their significant others. Part of the reason, according to the U.S. Centers for Disease Control and Prevention, is that the number of annual marriage is declining as Americans wait longer to marry. There’s another reason, IBISWorld suggests:

Unmarried couples often don’t have children who impede on grandiose plans for a romantic getaway. Spending in that sector is expected to rise 2.6 percent this year.

There could be a ring tucked inside Valentine’s box of candies or served on the dessert plate. Jewelry spending is expected to increase 5.6 percent due to an increase in disposable income.

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