Inflation Breaks Hearts on Valentine’s Day (2024)

FAQs

How is inflation affecting Valentine's Day? ›

When purchasing flowers, jewelry, or wine, they faced an uptick of 3%, 0.6%, and 4.7%, respectively. Sadly, according to a WalletHub Survey, 46% of Americans say that inflation is negatively impacting their Valentine's Day plans.

In 1861, he created the first heart-shaped box of chocolates for Valentine's Day. The popularity of the boxes has only grown over the years. Each year, over 36 million heart-shaped boxes of chocolates are sold around the world.

According to the National Retail Federation (NRF), 62% of consumers ages 25-34 plan to celebrate Valentine's Day in 2024. The projected total in general for spending is $25.8 billion, while the projection for spending specifically on significant others is $14.2 billion.

Valentine's Day, whether you're coupled up with your boo or celebrating being single, is about love.

Doepke and Schneider (2006) studied the scale of this redistribution and found that the main losers from inflation are old, rich households—the major bondholders in the economy.

On a year-over-year (YoY) basis, inflation rose by 3.2% in February, a slight uptick from the 3.1% YoY rise in January.

Spending differs by gender and age. Men spend more on Valentine's Day ($200+), while women usually spend less. Millennials are the biggest spenders, with those in that age group planning to spend around $300 on the holiday.

Planned Valentine's Day spending in the United States was expected to reach just under 26 billion U.S. dollars in 2024.

Since the origin of Valentine's Day as a romantic holiday only dates back to the 14th century, the Bible doesn't have any specific messages about the day—but it does have a lot to say on the subject of love.

Who pays for Valentine's Day? ›

68% of women expect their male dates to pay, while 78% of men feel responsible for the cost. The person who extends the invitation for a date should pay the tab and tip.

Turns out, it was a pretty common name during Late Antiquity. As far as anyone can tell, the Saint Valentine of Valentine's Day was one of two guys preaching the good word in Rome in the third century. One of these two was martyred on February 14th 269, thus giving us the date for his eponymous day.

Prices rise around Valentine's Day as all parts of the supply chain, from growers to wholesalers to retailers, are stressed during the buying surge.

This display of love will not come cheap. The National Retail Federation (NRF) estimates that consumers will spend a record $25.8 billion, an average of $185.81 per person, on Valentine's Day in 2024. It is no wonder that US retailers love the holiday. So, who was this Saint Valentine to whom they owe the windfall?

Inflation can impact the price of everything you need for daily living, from food to housing to what it costs to fill your tank so you can drive to work or put clothes on your back.