Millennials spend more on Valentine's Day

Millennials often defy conventional wisdom and this Valentine's Day they will also defy some assumptions, as many of their generation plan to outspend older Americans on Valentine's Day.

More than half of millennial men (58 percent) and 28 percent of millennial women plan to spend more than $100 on Valentine's Day, according to a new report from dunnhumby. This is an increase over last year when 45 percent of millennial men said they planned to purchase Valentine's Day gifts, according to IBIS World.

Older Americans are planning to spend less this season. While half (55 percent) of U.S. shoppers age 35 to 44 plan on spending more than $100 on Valentine's Day gifts, that number drops off as Americans age—only 27 percent of those 45 and over plan to splurge.

Millennials are also choosing traditional gifts for their partners, with 40 percent of millennial men planning to buy jewelry for their partner, while millennial women are choosing to spend on sweets, with 51 percent intending to buy chocolate.

Lingerie will be the chosen gift for 24 percent of couples who have been in a relationship between six to 10 years, while 21 percent of those who have been in a relationship for 16 years or more intend to buy nothing for their significant other.

For more:
-See this dunnhumby press release

Related stories:
February sales decline 10% amid winter weather
Valentine's Day spending up 4%
Valentine's Day highlights the new cycle of seasonal shopping

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