Millennials expect to go all out for their partners this Valentine's Day. They also expect to be showered with gifts in return. And you can blame social media for it.
That's the finding of a new survey from Bankrate.com, which polled 1,019 people by phone last month.
Participants in the 23-to-29 age cohort anticipate spending an average of $266 on that special someone. They also think their partner will drop $260 on them.
"They are the generation most likely to spend the most," said Kelly Anne Smith, a personal finance reporter at Bankrate.com, speaking of millennials. "It makes a lot of sense: That generation is tapped into social media, which influences consumer spending."
Moreover, seven out of 10 American adults say they'll shell out an average of $200 on flowers, candy and more on Valentine's Day, Bankrate found.
Members of Generation X are no slouches either on Valentine's Day spending; the survey found they expect to shell out $268 on their significant other.
However, they also had more moderate expectations about what they're getting in return. The 50-to-64 crowd predicts their partners will spend $225 on them.
Whether you're hoping to pull out the stops for Instagram or to sweep your significant other off his or her feet, it will cost you.
Flowers, candy, dinner out and the works runs an average total of $618, Bankrate found.
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