Pricey Love: Exploring Valentine's Day Inflation | Independent Women's Forum (2024)
The U.S. Bureau of Labor and Statistics has released its monthly Consumer Price Index, unsurprisingly showing a rise in prices for Valentine’s necessities over the past twelve months ending in January.
The heartbreak of the season might not stem from the lack of a valentine, but rather from the throes of inflation gripping our hearts.
The year-over-year increase in prices for commonly purchased Valentine’s Day items has slowed compared to recent years, yet it still shows an uptick from last year’s figures.
In comparison to last year, a romantic dinner will cost 5.1% more for couples. Although inflation on a meal at home has declined substantially since last year, couples would still face a 1.2% increase in costs.
Americans who participate in Valentine’s Day festivities paid 4.7% more when purchasing candy for their valentines. 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. Nearly a quarter of Americans say that they do not anticipate their Valentine will spend money on a gift this year.
Candy, one of the most commonly purchased Valentine’s Day gifts, has increased 4.7% over the past year. Chocolate specifically is 12% more expensive this year, one of the largest inflation jumps during this season.
If your loved one is far away, stationery supplies to send your love by mail will cost you an additional 16.4% more than last year.
Inflation continues to cause heartbreak across the nation and will continue to do so unless the Biden administration scales back the excessive federal spending that drove inflation higher.
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.
Not only that, Valentine's Day tends to be the most popular day to get engaged. 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.
SALT LAKE CITY — According to the National Retail Federation, the average American will spend about $185 celebrating Valentine's Day this year. The nation as a whole spends an estimated $25.8 billion.
What creates inflation? Long-lasting episodes of high inflation are often the result of lax monetary policy. If the money supply grows too big relative to the size of an economy, the unit value of the currency diminishes; in other words, its purchasing power falls and prices rise.
60% of Americans planned to buy greetings and gift cards (NRF report 2023). Therefore, they are the top-selling items for Valentine's Day, especially if they are unique or personalized. Many people like to exchange cards on this holiday as a way to express their feelings and affection for their loved ones.
The oldest known Valentine still exists today as a poem written by Charles Duke of Orleans to his wife while he was imprisoned in the Tower of London following his capture at the Battle of Agincourt. The greeting that was written in 1415 is part of the manuscript collection at the British Library in London.
More than 40 million heart-shaped boxes of chocolate will be sold for Valentine's Day. Caramel-flavored chocolates are the most popular in those boxes. Chocolate-covered nuts were a close second, according to the NCA.
Candy: As the saying goes, “Candy for the win!” It comes as no surprise that candy tops the list, with 57% of people purchasing sweets for their loved ones on Valentine's Day. Chocolates, in particular, are a timeless classic and a symbol of romance.
Overall, consumers plan to spend a total of $25.8 billion to celebrate Valentine's Day, on par with last year's spending and the third highest in the survey's history. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group.
Currently, 40% of women who are 'very likely' to buy themselves gifts this year identify as single, never married, while 40% are married – suggesting a continued trend of women opening their wallets for themselves this year. But women aren't the only ones who will be self-gifting.
As businesses worldwide leverage this celebration to boost their revenue streams and consumers express their affection through various customs and traditions, this holiday's economic impact continues to resonate globally.
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?
Introduction: My name is Edwin Metz, I am a fair, energetic, helpful, brave, outstanding, nice, helpful person who loves writing and wants to share my knowledge and understanding with you.
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