Men born before 1964 typically do not spend money on Valentine’s Day gifts, on the other hand, those belonging to Generation Z spend more than three times as much as on an average day, according to a statement sent to MTI by Erste Bank on Monday.
They wrote that on the day also known as the holiday of love, customers spend an average of 16 percent more than on an average day in January. Examining card purchases, the bank found that consumers spend 66 percent more than usual on restaurants, flowers, and underwear. Men’s Valentine’s Day spending is almost double that of January, and members of Generation Z (born between 1996-2010) spend 355 percent more on romantic gifts.
Members of the generation born before 1964 typically do not spend on Valentine’s Day, members of Generation X – today’s 42-58-year-olds – already pay more than 50 percent more for this purpose, while the millennial generation – those born between 1980 and 1996 – they spend almost twice as much as before.
Generation Z’s tourism and travel expenditures exceed the January average by 258 percent, while the amount spent on fashion items increases by 224 percent. Generation Z members spend 68 percent more on Valentine’s Day with a credit card than otherwise, Erste Bank announced.