Valentine’s Day can be a pricier holiday overall, with lavish gifts and fancy dinners often associated with the romantic day and night. However, those planning on going out to a nice meal or sending large bouquets of flowers may be in for an even bigger sticker shock than previous years thanks to inflation.
According to data compiled by personal finance site The Balance, those planning to say I love you with a nice gift should expect to shell out more money—and they should really expect to pay top dollar when it comes to eating out. Due to supply-chain crunches and worker shortages, restaurants are driving up the cost of meals, and the romantic Valentine’s Day dinner that some have been used to won’t come cheap.
Among the costs associated with a good meal this Valentine’s Day is $34.21 for a good steak like a filet mignon, which is a 154% increase in price from what consumers paid last year, imported champagne, which rose in cost 18% to $53 a bottle and table wine, which is up 2.5% over last year, according to CNBC.
Gifts will also cost more money as well. A box of chocolates, synonymous with the holiday, will run an average of $11.99 for a 12 oz. Box, which is a 9% increase in cost. A bunched dozen of hybrid tea roses will also cost more money as well, an estimated $12.42, 22% more over 2021.
In general, flower arrangements are running at a higher price, with various arrangements from 1-800-Flowers running even higher than estimates. On that website, various arrangements of roses range from $34.99 to $149.99 for an arrangement, while others featuring roses, lilies and other flowers range from $39.99-$154.99.
Diamonds are also running at an increase in price, with the average cost of them at all carat weights coming in at $12,047.77, which is a 15% increase.
The only things that are running at a decrease in price are gold and silver, which have seen decreases in the price per ounce. Gold, which is running at $1,820.35 per ounce is at a 1% decrease year-over-year, while silver, which is running at $22.88 per ounce, is at a 10% decrease year-over-year.
CNBC estimates that Americans will spend a total of $175.41 on candy, cards, flowers and other romantic gifts, a nearly $11.00 increase over last year, with those in relationships expected to spend an average $208 on their significant other. Overall, the National Retail Federation expects spending on the holiday to reach a $23.9 billion total in 2022, which will make the second-highest year on record.
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