Inflation Impacts Valentine’s Day, But Overspending Isn’t Sexy
Even Cupid is coming out of quarantine.
Valentine’s Day Spending is expected to hit $23.9 billion in 2022, the second-highest year on record, according to the National Retail Federation.
On average, Americans will spend $175.41 in sweets, cards, flowers and other romantic gifts, up from $164.76 in 2021.
Those in a relationship will shell out even more — an average of $208 for their significant other, according to a separate LendingTree survey of nearly 2,100 adults.
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“Inflation usually makes everything more expensive, so I’m not surprised that spending is higher than in previous years,” said Matt Schulz, credit card expert at LendingTree.
A dozen roses, for example, which can cost around $100 on Valentine’s Day could be even more expensive now, especially if they are imported. The same goes for a heart-shaped box of chocolates and, of course, jewelry.
Couples are also more likely to opt for a night out this year, compared to last year, when Covid restrictions made it harder to eat out or attend a show, Schulz added.
And potential mates may be ready to meet in person after two years of swiping left or right.
Yet traditional gender roles remain even as technology continues to disrupt dating. Men are likely to spend significantly more than women on the February 14 holiday, averaging $235 compared to just $119.
Last year, nearly 35% of men spent more than $500, compared to just 24% of women, according to another spending survey by Monifi banking app.
Monifi financial expert Leigh Singleton recommends booking a separate account for this holiday, rather than lumping together all long-term savings goals.
“It gives you a much better idea of what you can spend,” Singleton said.
Already, when it comes to spending, most people are careful with their discretionary purchases and are less likely to rely on plastic – 17% fewer Americans think a Valentine’s Day gift is worth buying. be in credit card debt this year compared to last year, WalletHub found. .
In fact, financial stability is perhaps the sexiest gift of all.
“People want to date financially responsible people, especially as the Covid-19 pandemic continues to strain the wallets of many Americans,” said WalletHub analyst Jill Gonzalez.
Nearly a third of people say money matters more to them in a relationship now than before, WalletHub found.
“Some of the biggest struggles with romantic partners are irresponsible spending and bad credit,” Gonzalez said.