Time in Yerevan: 11:07:36,   20 March

Americans to spend record $20 billion on Valentine’s Day

YEREVAN, FEBRUARY 13, ARMENPRESS. Americans will spend a record amount of money on Valentine’s Day gifts this year, according to IBIS World analytical center.

Spending will increase by 1,7% against last year and will reach 20,1 billion dollars.

Every resident of the US is expected to buy an average of 151,98$ worth of gifts. The growth is explained with the increase of revenues per capita.

According to the National Retail Federation, the number of people who will mark Valentine’s Day has grown from 53,9% to 54,9%.

Spending on jewelry and pastries will grow significantly.

Romantic trips, tickets to cultural events and other similar gifts are also on high demand.

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