Inflation is going to make the holiday of love more expensive this year, as the cost of a romantic dinner becomes the latest victim of rising prices.
The Balance collected data on the costs of popular items purchased for Valentine’s Day to gauge the impact of rising consumer prices on this year’s holiday spending. According to our analysis, prices of gifts, candy, food, and flowers are all on the rise.
- The price of roses is up 54%, diamonds are 15% more expensive, and chocolates are up 9% from last year.
- Romantic meals won’t be cheap either—filet mignon is 63% more expensive.
- Valentine’s Day spending in 2022 is set to be the second-highest on record.
Roses are 54% more expensive than they were last year, and are also up 23% from Valentine's Day 2020, before the onset of the pandemic. Decorating your house with candles will also cost more, as candle prices have jumped about 3%. That figure is fairly in line with prices in 2020.
Buying chocolates will end up setting you back more as well, as prices of chocolate and other confectionery products are 5% more expensive now than they were last year. The Balance also looked at the price of the most classic Valentine’s Day gift—a 12-ounce box of Russell Stover chocolates from the drug store will cost you 9% more this year than it did last year, meaning even our budget-friendly standbys are on the rise.
Diamonds might be a girl’s best friend, but they’re going to be the enemy of your wallet this year. With an average price of $12,048 for all carat weights, diamond prices have increased by 15%.
The good news is that some jewelry options are cheaper now than they were last year. Gold is 1% cheaper than it was in 2021, while silver is nearly 10% cheaper than last year. But even with the year-over-year decline, prices for these two are still notably higher than before the pandemic—gold is over 15.7% more expensive than it was in 2020, while silver prices have jumped over 27% from two years ago.
Unfortunately for budget-savvy consumers that think cooking a romantic meal might be cheaper, grocery items are also ticking upward in price. Filet mignon will set you back a whopping 63% this year, (up close to 166% from 2020). And lobster is nearly 27.5% more pricey than it was last year (as of December 2021 prices).
Inflation jumped 7% in 2021, the largest increase in a single year since 1982, and was up to 7.5% in the year ending January 2022, according to the latest inflation figures in the Consumer Price Index (CPI) report released by the Labor Department.
Higher Costs Meet Increased Spending for Valentine’s Day 2022
The increasing cost of just about everything doesn’t seem to be deterring consumers or daters. According to the National Retail Federation, Americans are planning to spend $23.9 billion this Valentine’s Day, the second-highest year on record. Shoppers are expecting to spend more than $175 on gifts on average, up from roughly $165 in 2021.
In a survey conducted by The Balance on dating and money habits, young daters are also gearing up for the holiday. Over half are looking to spend upwards of $100 in the name of love, while nearly a fifth plan on spending over $250.
This story was originally published on Feb. 4, 2022.