Valentine’s Day spending is rising as inflation rises in the US

2022-04-22 0 By

With consumer prices climbing to record highs, even Cupid is not immune to the sting of inflation.Almost everything costs more this year, for Valentine’s Day, Which falls on Feb. 14.For a candlelit dinner for two, champagne with prime steak is likely to cost twice as much as last year.The average price of a dozen roses is 22 per cent higher than last year, according to data compiled by the US personal finance website.Mixed chocolate rose 9 percent, while candy sales in general hit a record high ahead of the holidays.Chocolate, America’s favorite Valentine’s Day item, has become more expensive because of inflation and supply chain problems.Chocolate Chocolate and Bissinger’s Handcrafted Chocolatier have had to raise prices on almost everything this year, according to Fox news.Dan Abel Jr., the company’s second-generation boss, says valentine’s Day alone accounts for a third of its annual turnover, more than 40 years in the making.Despite 40 years of success, “this is the year that scares me because of the supply chain.”In addition to local producers, big companies like Hershey are also raising prices, meaning consumers are paying more for classic brands like Kisses, Reese’s, and KitKats.Part of the problem, says Mr Abel, is the cost of ingredients.From 2000 to 2021, sugar prices rose 4.6 percent, while milk prices rose 4.2 percent and peanut butter prices rose 3.8 percent, according to the BUREAU of Labor.In addition to buying chocolates, candy, and roses, lovers who want to eat out will also find the price of valentine’s Day dinner rising.Restaurants, which have been under pressure since The start of The COVID-19 pandemic, are charging diners more to cope with ongoing staffing challenges and rising food costs, The Balance found.The price of prime steaks soared by 154 per cent.Imported champagne, which is more expensive than other sparkling wines, rose to $53 a bottle, up about 18 per cent from a year ago, according to Drizly, a wine delivery service.The average price of table wine, on the other hand, rose just 2.5 percent.The only consolation was that gold remained near $1,800 an ounce.People looking to buy jewelry for Valentine’s Day need not worry.Total SPENDING on Valentine’s Day in the US in 2022 is expected to reach $23.9 billion, the second-highest year on record, according to the National Retail Federation.On average, Americans spent $175.41 on candy, cards, flowers and other gifts, up from $164.76 in 2021.According to another LendingTree survey of nearly 2,100 adults, people in romantic relationships spend more — an average of $208 on their significant other.