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Every year, Valentine's Day rolls around on February 14. This is a time for people to honor their romantic partners and the concept of love itself. From dinner date reservations to flowers and trips, many folks go the extra mile to make Valentine's Day special for their significant others.

Over the past several years, many Americans have struggled under the weight of inflation, job layoffs, and no signs of the economy turning around anytime soon. Nevertheless, with just a little more than two weeks before February 14 arrives, the nation's consumers remain projected to spend more than $14 billion for the holiday.

What to know about upcoming Valentine's Day spending projections

The National Retail Federation predicts that most February 14 spending will go towards couples purchasing flowers, jewelry, clothes, and dinner date nights. Unlike previous Valentine's Days, fewer people are likely to buy gifts for platonic loved ones in their lives.

During the economy's better days, more folks elected to get presents not just for their significant others, but also for relatives and close acquaintances.

This year, the National Retail Federation expects people to largely cut back on who gets presents for the holiday. Nevertheless, an over $14 billion spending expectation remains significant within its own right.

Starbucks gets in on the action

To celebrate the spirit of love and romance, Starbucks is releasing a limited edition collection of Valentine's Day cups. Each one is reusable and all members of Starbucks Rewards will earn a discount on their drink, plus 25 stars, when they come to a store with one of these cups.

All cups vary in design, with some resembling cotton candy, while others have colorful hearts and flowers.

Staying ahead of the curve

Given the popularity of February 14, people looking to make reservations for date nights should do so sooner rather than later. It is not uncommon for the nicer restaurants to quickly sell out as people call to reserve tables.

The same sentiment also applies to purchases of jewelry, roses, and other gifts with romantic undertones. While these items may not go as quickly as Valentine's Day dinner reservations, the better options may leave well ahead of time.