Traditional Valentine's Day gifts are still popular, but not with all generations

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RAPID CITY, S.D. (KOTA TV) - Valentine's Day is a multi-billion dollar industry, but nowadays not everyone is capitalizing on Cupid by rushing to the nearest flower shop or jewelry store for the perfect gift.

According to the National Retail Federation, younger generations spend their Valentine's Day money more on experiences such as concerts or days at the spa.

Analysts from the NRF predict Americans will spend a record amount on Valentine's Day this year, reaching a whopping $20 billion.

Some gifts will take the more traditional forms of flowers or candy, but nearly half of millennials plan to give "gifts of experience."

Mystique Edge Spa & Salon is one of many businesses in the Black Hills offering that opportunity.

Lori Eggergluess, Mystique owner, says, "A great gift is to give somebody time for themselves and to take care of themselves. We live in a very stressful world these days so a little time to sit down, relax, and just be pampered is just a wonderful gift."

Researchers expect people will spend an average of $160 for the occasion, including presents like jewelry.

But for people who don't want to drop loads of money, they could be more frugal by going to shops like First National Pawn.

Calli Kirk, First National Pawn sales executive, says, "What we sell versus what is sold in jewelry stores is all the same product. It's all the same diamonds, all the same gold. It's just we sell it at a fraction of the cost that they do and so it makes it easier and more affordable for them to come in and purchase it."

One employee says they see an increase in customers prior to Valentine's Day, and that people tend to like jewelry for its sentimental value.

Kirk says, "It's not something that you take and it just goes away. You can keep it and that value stays there in it. It's just the beauty of jewelry and every different piece and every unique part of it. It's something that they can keep forever and look at all the time and also pass down to different generations."

NRF says people who spend on experiences generally want to create a special memory or simply be unique.