Valentines Day is just around the corner, and finance experts warn that being in love may cost more this year than the previous love day celebration.
Anyone calling for a table reservation for a February 14 dinner is expected to pay it with a steep price. CNBC reported that restaurants trying to get back from the pandemic are charging more for meals to address the high cost of food materials and staffing shortage.
The Balance looked into prices of the popular items spent on Valentine's Day, and their research team warns dating couples of the surge of prices on these romantic splurges.
Roses
This classic symbol of true love is 22 percent more expensive than in 2021 and around 23 percent more expensive than Valentine's Day 2020 before the country closed down for the pandemic. A dozen roses that typically cost $100 on Valentine's Day might cost more this year.
Candles
Setting the living room or the dinner table with candles for a romantic candlelit night may cost about 3 percent more than the usual candle prices.
Chocolates
This timeless Valentine's Day gift cost 5 percent more than the costs of chocolates last year. A 12-oz Russell Stover chocolate from drug stores costs 9 percent more this year.
Diamonds
If you are planning to pop the question and put the ring on her this February 14, note that the average price of $12,048 for all carat weight, prices for this "girl's best friend" cost 15 percent more this year.
For budget-savvy lovers who are thinking about prepping a romantic meal, the price of grocery items is also on the rise. The Balance notes of the following popular Valentine's Day grocery items:
- Filet mignon is 154 percent more expensive this year and is 166 percent more costly in 2020.
- Lobster is 27.5 percent more expensive than last year.
According to MSN, inflation rates rose to 7 percent in 2021. The National Retail Federation reports that Americans plan to spend $23.9 billion on Valentine's Day.
Date outside the comfort of homes
According to CNBC, Matt Schulz, a LendingTree's credit card expert, said couples are expected to go out for an evening date this year compared to last year. Last year was notably a problematic year to eat at a restaurant or watch a show. After two years of meeting online, potential couples would most likely encounter this love month.
Schulz also noted that men would be more likely to spend more than women on this love day.
On the other hand, shoppers are also expected to spend more than $175 on gifts on average. More than 50 percent of young lovers look forward to spending more than $100 for love. However, more than a fifth also plans to spend more than $250.
Being careful about spending
As the pandemic has caused strain on most people's finances, most have become more prudent with their purchases.
According to WalletHub Analyst Jill Gonzales, as the pandemic has put much strain on wallets, "people want to date people who are financially responsible."
WalletHub also found that money matters in a relationship for almost a third of people. Gonzalez also added that the biggest turnoff in partners is those not responsible for their spending and those with bad credit.
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