National Retail Federation: Valentine’s Day spending to average around $200 per person

Posted: Updated:

Spending this Valentine's Day is expected to reach a new high.

The National Retail Federation says people are expected to spend a little over $196 on gifts to shower those they care for with love.

The survey finds that more than half of that money will be used by spouses and significant others for gifts.

Others are expected to do the bulk of their spending on presents for friends, children's classmates, coworkers and even pets!

Millennials are expected to shell out the most money. A new survey from Bankrate.com and YouGov PLC says millennials plan to spend on average $208 on food, entertainment and gifts.

Generation X is expected to spend $160, while Baby Boomers are expected to spend about $100.

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