Love is in the air… Six million American couples expect to receive or deliver a marriage proposal on Valentine’s Day, according to a recent survey by American Express. Of the 13 million American couples who were likely to become engaged by the end of 2014, nearly half reported that February 14th was the day they expected to tie the knot.
The survey also revealed that the average price couples expected to pay for an engagement ring was $2,311. Twenty-five percent put the amount between $2,000 and $4,999, while 16% expected the price to be $5,000 or higher.
Men said that they would prefer to pop the question on vacation (31%), while a large portion of woman said they craved the romantic ambiance of home (27%).
Overall, the 2014 American Express Spending & Saving Tracker reported that Americans will be doling out a whopping $37 billion on their celebration of Valentine’s Day.
Nearly three-quarters of the respondents (74%) said they would be doing something special on the most romantic day of the year, and 60% said they were planning to purchase a gift for their significant other.
Jewelry was the go-to purchase for nearly a quarter of the men in the survey (24%), while 54% said they’d opt for flowers.
Women were most likely to buy gadgets (16%) and gift cards (13%). Exactly 57% of the men and 59% of the women will purchase greetings cards.
Men expected to spend $254 on Valentine’s Day, while their female counterparts said they would spend $125.
The American Express Spending & Saving Tracker research was completed online among a random sample of 1,504 adults, including the general U.S. population, as well as an Affluent demographic defined by a minimum annual household income of $100,000.