TORONTO, Feb. 4, 2016 /PRNewswire/ -- Those hoping to pinch their pennies this February should steer clear of Cupid's arrow, as Valentine's Day proves to be a costly affair, especially for new lovebirds. According to a recent survey by digital offers siteRetailMeNot.ca, 80 per cent of Canadians agree that people overspend on Valentine's Day, with 77 per cent stating that the first celebration for a new couple is the biggest. But have no fear: Once you've survived your first Valentine's Day together, the celebrations are likely to become less costly, with 62 per cent agreeing that the day becomes less important the longer you are together.
Canadians spend, on average, $164 on Valentine's Day, with men significantly outspending women ($219 vs. $109), which isn't surprising considering 82 per cent agree that women are more spoiled on the day than their partners. People who are dating spend more money to woo their partners on Valentine's Day ($148 vs. $134) and spend more on jewelry than those who are married ($251 versus $193).
"There is no need to break the bank to impress a loved one this Valentine's Day, especially since costs can quickly add up between gifts and celebrations," says Kristen Larrea, RetailMeNot, Inc. "The vast majority of Canadians see no harm in using a coupon on a date (70 per cent) or a gift (75 per cent), so planning ahead and looking for those promo codes for everything from flowers to dinner is a great way to keep costs low."
Thirty-three per cent of those coupled-up expect to receive a gift from their significant other this Valentine's Day. On average, Canadians will spend the following on the classic Valentine's Day gifts:
With 83 per cent of Canadians agreeing that people put too much pressure on Valentine's Day, they may be happy to hear it's often the thought that counts. In fact, only 30 per cent of Canadians say that celebrating the day is important to them, and the difference between males and females is minimal (29% vs. 31%). Further, 74 per cent of those in a relationship agree they don't care about receiving material gifts, and more than half (53 per cent) prefer sex to a gift. Canadians prefer to spend money on the experience, with dinner at a restaurant being the number one way lovers will be celebrating this February 14.
Other survey findings include:
RetailMeNot.ca regularly conducts consumer trend and spending surveys.
About the survey:
From January 22 to January 23, 2016, an online survey was conducted among 1,514 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 2.5%, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec, language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
About RetailMeNot, Inc.
RetailMeNot, Inc. (http://www.retailmenot.com/corp/) operates the world's largest marketplace for digital offers. The company enables consumers across the globe to find hundreds of thousands of digital offers for their favorite retailers and brands. During the 12 months ended September 30, 2015, RetailMeNot, Inc. experienced nearly 730 million visits to its websites, and during the three months ended September 30, 2015, RetailMeNot, Inc. averaged 18.6 million mobile unique visitors per month. In 2014, RetailMeNot, Inc. estimates $4.4 billion in paid retailer sales were attributable to consumer traffic from digital offers in its marketplace. RetailMeNot, Inc. is listed on the NASDAQ stock exchange under the ticker symbol "SALE." Investors interested in learning more about the company can visithttp://investor.retailmenot.com.
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