Love — and money — are in the air this time of year.

Americans are expected to spend $18.6 billion on Valentine's Day gifts this year, according to the National Retail Federation, citing a survey by BIGinsight. That comes out to $130.97 per person, which is up from $126.03 last year. 

Perhaps not surprisingly, men will outspend women, with an average of $175.61 each compared to $88.78, according to the survey. While most of that spending is going toward significant others, 20 percent of people plan to buy a Valentine's Day gift for their pet.

Yet there's hope for those who place a premium on quality time together instead of gifts. According to a study by Discover Financial Services, a majority of couples prefer to spend time together than to exchange expensive gifts. The study also found that 28 percent of people plan to spend absolutely nothing on their Valentine.

Patch wants to know how you will celebrate Valentine's Day? Does the average amount of spending sound reasonable or excessive. Let us know in the comments below.

Here are some other interesting facts from the BIGinsight survey:

• 51.0% of people will buy candy
• 36.6% will give flowers
• 19.7% will buy jewelry
• 15.6 percent will buy clothing
• 15.0 percent will buy gift cards

To combine a splurge with some quality time together, many couples will have a special dinner out on either Thursday, which is actually Valentine's Day, or over the following weekend, according to a survey by OpenTable.com

Those romantic diners will spend on average $139 on their Valentine's Day dinner, according to the survey, which is 63 percent more than the typical $85 tab.