Amex Survey: 4 Million Engagement Proposals on Valentine’s Day
If you’re planning to pop the question on Valentine’s Day you’re not alone by a long shot. According to the American Express Spending & Saving Tracker survey, an estimated four million consumers expect to propose, or be proposed to, over the holiday. That’s nearly 29% of the 14 million who will become engaged throughout the year.
The survey also revealed how much those surveyed expected to pay for their engagement rings. Despite the media frenzy surrounding recent celebrity engagements and their breathtaking multi-million-dollar rings, everyday consumers reported they will have more modest budgets. Nearly half plan to spend between $1,000 and $5,000. About 5% will be spending $10,000 or more.
American Express also learned that consumers plan to increase their Valentine gift spending this year by 8% to an average of $196. Jewelry was the third-most-popular gift category (15%), trailing only flowers (29%) and gift cards (19%). Electronics came in fourth at 13%. More than half of all consumers (54%) plan to purchase Valentine gifts, a steep increase from the 41% who did in 2011.
“Whether people are planning to get engaged, or just celebrate the holiday with flowers and a night out, consumers are telling us they can open their wallets a little wider for Valentine’s Day,” said Sonali Chakravorti, vice president at American Express. “We’ve seen a consistent trend of consumers saying they will spend more, from holiday shopping to 2012 travel plans, and spending plans for February 14 are no exception.”
