The average male will most likely spend 168.74 dollars this Valentine's Day, which is almost twice as much as women, a new study has claimed.

According to the research, Americans will profess their love this Valentine's Day by digging deeper into their wallets than ever before.

The National Retail Federation (NRF) reports that total spending this Valentine's Day is expected to reach 17.6 billion dollars, with the average person shelling out more than 126 dollars, up nearly 10 percent from last year and the most ever in the survey's 10-year history.

Consumers will spend the most on their better halves, the data shows, with the average person spending 74 dollars on their spouse or significant other. Additionally, consumers will dole out an average of more than 25 dollars on their children, parents or other family members, nearly 7 dollars on friends and 4.50 dollars on their pets.