The year debuted with news of nationwide layoffs and increased concerns surrounding inflation, and rising cost of living. And, with January already gone, one thing is certain: It’s getting harder and harder to sing “Love Don’t Cost a Thing” and actually mean it.
Inflation might weigh on our wallets, but not so much on our hearts. In fact, more than half of consumers plan to celebrate Valentine’s Day this year, with 28% planning to at least mark the occasion. However, this Valentine’s is about to be the most expensive on record: Americans are expected to spend $25.9 billion this year — up from $23.9 billion last year, according to the National Retail Federation.
Naturally, most of this money will go toward thoughtful gifts, sweet gestures, and couples’ activities. With this in mind, Point2 rounded up 14 of the most common Valentine’s Day items to determine how much their average prices have changed since last Valentine’s Day, as well as how much romantic Americans should expect to spend on this special occasion in 2023. We also looked at which of these special gifts were the most popular in the country, according to search history.
- The good news is that one dozen roses costs almost the same as last year, at around $23. And, just like last year, it costs less than $7 to buy a Valentine’s Day card and tell the person you love how much they matter to you.
- But, there’s bad news if you postponed last year’s romantic getaway: A weekend trip for two is now $173 (or 16%) more expensive, reaching $1,252 on average.
- You can’t go wrong with a romantic dinner, and your wallet would agree: At $70, this Valentine’s classic is $10 (or 17%) more expensive compared to 2022. That said, it’s still a reasonable alternative to other gift ideas on the list.
- If you decide to pop the question, know that, despite a slight drop in average price, diamonds might still be out of reach averaging about $11,000.
- Last Valentine’s Day, it was $106 cheaper to buy your significant other some nice gold jewelry. Now, you’ll have to spend $1,910 per ounce, on average.
- Flowers and a nice card remain classics. This time of the year, the most googled Valentine’s Day-related keyword in 39 states was a nearby florist, while Valentine’s Day cards were the most sought-after in the others.
Fancy Chocolates More Expensive Than Silver Jewelry & a 2-Day Trip More Expensive Than Platinum
This Valentine’s Day, the dinner-and-a-movie combo comes in at around $80, on average. Of course, the $11 increase since 2022 is somewhat manageable, which might help this classic date idea make the comeback it deserves. And, if the traditional roses ($23) and Valentine’s card ($7) don’t feel like enough, you might want to consider some silver jewelry ($23 per ounce) before you go for chocolates ($38).
We analyzed several sources to determine how the average prices have changed for 14 items that might make or break our February 14th, including perfume, jewelry and a romantic weekend escapade:
Spending the evening over a candle-lit dinner and a bottle of wine is always an option on Valentine’s. In fact, this is a more affordable alternative to eating out at a restaurant ($70). Specifically, an average bottle of wine costs almost the same as last year ($14), while a sirloin steak to get and cook at home is actually about $1 cheaper ($10 per pound). Meanwhile, if you plan on setting the mood, keep in mind that decorating the room with candles might end up costing you the most at just more than $22 (about $2 more than in 2022).
If the price of diamonds was what held you back from taking the plunge last year, the $1,170 drop in average price might be just the incentive you needed. You’ll still need to spend more than $11,000, though. Alternatively, gold jewelry is less shiny but just as thoughtful. If you choose to go the gold route, you can buy it for $1,910 per ounce, which is about $106 more than in 2022. You and your Valentine might find a weekend away from it all a bit out of budget, as well: The average cost of a plane ticket, accommodations, and three meals a day for two now reaches $1,252, on average.
Online Searches Show Valentine’s Day is About Flowers & Cards for Most Americans; “Romantic restaurants” more popular than “romantic dinner ideas” to cook at home
Valentine’s Day and inflation are not exactly a match made in heaven, but they tend to go hand in hand nonetheless. And, despite flower prices typically skyrocketing right around Valentine’s Day, they remain essential, as reflected in online search volumes throughout January and February 2022.
Understandably, interest in flowers abounds at this time of the year. When analyzing some representative Valentine’s-related keywords, there were 450,000 monthly Google searches nationwide for “florist near me” at this time last year. Good old “Valentine’s Day cards” were next with 368,000 searches nationwide, on average.
“Perfume” and “romantic restaurants” were also of interest to Americans. As a matter of fact, on such a romantic day, restaurant dinners are actually more popular than “romantic dinner ideas” to cook at home, according to search history. As you might expect, the romance in the air also makes Valentine’s Day a favorite for marriage proposals. Accordingly, searches for diamond rings were also quite popular, averaging 135,000 monthly searches on Google.
A Nearby Florist, Most Googled Valentine’s Keyword in 39 States
Judging by their online popularity, flowers and romantic greeting cards remain classics on Valentine’s Day. In fact, for those looking for flowers around this time, the phrase “florist near me” was so popular that it was the most frequently searched key phrase in 39 states, including Florida (49,500); New York (40,500); and Pennsylvania (22,200).
Similarly, there were 368,000 searches nationwide for “Valentine’s Day cards”, particularly popular in 12 states, such as Idaho, Nebraska and Montana. Coincidentally, these states also enjoy some of the highest marriage scores, according to a previous Point2 study on states where love lasts.
Whether we’re happily settled, navigating the dating world, or anywhere in between, Valentine’s Day is on our radar every February. And, having an idea of how much it might set us back can be enough to make or break the romantic experience. Even so, one thing remains unchanged: Inflation or not, spending time together is priceless.
Point2, a division of Yardi Systems Inc., covers real estate trends and news. Point2 studies are based on internal data; public records; government sources; online research; and other reliable, third-party agencies.
- For this study, Point2 analyzed the prices for 14 items most associated with Valentine's Day. We also included state-level Google Search interest in these items.
- Prices considered are the latest available and have been compiled from various sources, including, but not limited to the Bureau of Labor Statistics, United States Department of Agriculture, DiamondSearchEngine, London Bullion Market Association, Numbeo, National Association of Theatre Owners, and Pacaso.
- Latest average prices as of February 3rd, except for sirloin steak and wine, where the latest available price was December 2022. Prices for Valentine’s Day-related gifts typically peak days prior to the holiday only to experience a drop back soon after. Actual prices are subject to change.
- Average prices used are for the following: all diamond carat weights, gold per fine troy ounce, platinum per .9995 fine ounces, silver per ounce, wine per liter, flowers by the dozen of roses, 3-course dinner for 2 at a mid-range restaurant, sirloin steak per pound, 2 days getaway including plane tickets, lodging and 3 meals/day for 2 people. For a box of chocolates, cards, candles, and perfume, we calculated an average of various sizes and brands via Wayback Machine.
- The study uses Consumer Price Index to calculate the price of movie tickets and a romantic getaway for 2 people. The CPI represents the unadjusted percent change between December 2021 and December 2022 for All Urban Consumers, U.S. city average.
- The average monthly search volume considered is for January-February 2022 as per Google Searches for some of the most popular keyword related to each of the 14 items included in the study: florists near me; Valentine's Day cards; perfume; romantic restaurants; romantic movies; diamond ring; red wine; gold ring; couples retreat; Valentine's chocolates; silver ring; scented candles; platinum ring; romantic dinner ideas.
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