Americans will reach deep in their pocketbooks this Valentines Day, spending a record $19.6 billion on candy, flowers and an evening out, according the National Retail Federation.

Fifty-five percent of the population will celebrate the holiday, shelling out an average of $143.56 on their loved ones, up from $136.57 last year. Those 25-34 will spend the most -- $202.76 on average.

The National Retail Federation conducts a survey of planned consumer spending annually. This year's survey found that consumers plan to spend their money in following ways on average:

$88.98 on their significant other/spouse ($12.1 billion)

$25.29 on other family members such as children or parents ($3.5 billion)

$7.26 on children's classmates/teachers ($991 million)

$7.19 on friends ($982 million)

$5.50 on pets ($751 million)

$4.79 on co-workers ($654 million)

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