Sparkly new Valentine’s gift? Here’s how to protect it

In 2023, more than half of American consumers are expected to spend an average of $192.80 for Valentine’s Day – an increase from the $175.41 average spent in 2022. (Credit: Shutterstock.com)

“Engagement season” traditionally begins Thanksgiving Day and ends on Valentine’s Day, with around 40% of all proposals happening in this period each year. Second to Christmas Day, Valentine’s Day remains one of the most popular days to pop the questions, but with the average engagement ring costing thousands of dollars it’s important to quickly acquire appropriate insurance coverage for your expensive new token if you happen to be on the receiving end of a proposal.

In 2023, more than half of American consumers are expected to spend an average of $192.80 for Valentine’s Day – an increase from the $175.41 average spent in 2022 – with an overall total of about $25.9 billion spent on this year’s holiday, according to the National Retail Federation (NRF). If all goes as anticipated, it would make 2023 the second-highest year for Valentine’s Day spending since the NRF began tracking this data in 2004. The highest spending thus far was recorded in 2020, when consumers spent an average of $196.31. The NRF also predicts those between ages 35 and 44 will be the biggest spenders of all – averaging $335.71 for Valentine’s Day gifts and expenses.