Millennials More Likely to Spend Money on Valentine Gifts for Pets

As furparents, many American pet owners are willing to go the extra mile for their furbabies, even if it means shelling out record amounts to buy them Valentine gifts. In fact, more than one in four Americans this year say so, according to an article by NBC News.

A new consumer survey conducted by the National Retail Federation says Valentine's Day spending will spike by 32 percent from last year - and nearly all of that gain could be attributed to people buying gifts for someone other than their significant other.

Consumers may have also drawn inspiration on "Galentine's Day," an unofficial holiday first used on a 2010 episode of Parks and Recreation, which has encouraged women to spend money not just on their romantic partners but on their friends as well contributing to the surge of Valentine's Day spending .

Survey respondents who celebrate Valentine's Day plan to spend a record-breaking $196.31, on average, which increased 21 percent from last year's spending at $161.96, says NRF. In total, the Federation predicts that Valentine's Day spending will grow to $27.4 billion this year, up by 32 percent from last year.

The trends driving this surge include Americans' willingness and the ability to spend. "Gift-giving can be driven by the economy," NRF President and CEO Matthew Shay said in a statement.

The NRF president said the expected Valentine's Day spending boom is an extension of last year's growth in holiday sales. "The same strong employment numbers and higher wages that boosted holiday sales should make it easier to... spread the gift-giving beyond just your significant other."

Romantic partners are still the biggest Valentine's Day spender but the pool of recipients for this romantic holiday has expanded significantly as consumers say they will spend an average $30.19 on family members other than spouses, up slightly from $29.87 last year. They will also spend an average of $14.69 on friends, up from $9.78 last year.

The NFR survey also found that respondents also plan to spend, on average, $14.45 on their kids' classmates and teachers, up from $8.63 last year. Additionally, NRF has found out that survey respondents plan to spend an average of $12.96 on co-workers, up from $7.78, last year, and finally, $12.21 on their pets, up from $6.94.

NFR reported that people in the 35-44 age bracket remain the highest spenders, yet younger consumers have shown they are more inclusive when it comes to Valentine's giving.

"It really plays into this sense of reduced focus on romantic relationships for this generation," said Karen Becker-Olsen, an associate professor of marketing and interdisciplinary business at The College of New Jersey.

"There's a sense of loner living but within that loner bubble is a connection with a dog, a cat, a hedgehog," she said, which could have attributed the surge in pet Valentines.

Becker-Olsen said social media has played a significant role in transforming this outlook, with the word "friend" becoming more loosely defined but still deeply symbolic.

"It's such a deeply ingrained word that you still have a sense of emotional connection," she said. "If you get in-app advertising on Instagram, Facebook and some other spaces, all of a sudden it becomes highly salient."

Meanwhile, on the rise in coworker Valentine's Day spending could be attributed to the tight labor market, said John Challenger, CEO of executive outplacement and coaching firm Challenger, Gray & Christmas.

"We're near an environment of near-full employment. Companies are focusing on culture, trying to hold on to their people. They create connections among coworkers," he said. "It certainly seems like a manifestation of work companies are doing. It's really a sign of collaboration."

On spending on Valentine gifts for their kids' classmates and teachers, Becker-Olsen said this is an indication of higher expectations that come with rising wealth.

"I think some of the rise in that group that has young kids in school, [is because] as your affluence grows a little bit, you want to be able to buy something more than just the card," she said. "It's become a one-upmanship by the moms."

If you have no one to spend this day with, it's perfectly normal to spend on Valentine gifts for your pets whose loyalty is unwavering.