Yes, The Cost of Love is Expensive

Check out how much (and where and why) we will be spending to celebrate Valentine’s Day this year.

  • According to C2ER’s (Council for Community and Economic Research) newly created Dating Index, which signifies “which metro areas offer more and less budget-friendly approaches to affairs of the heart,” the five most expensive date destinations include Seattle and Kent, WA (first and second); Fairbanks, AK; New York (Manhattan), NY; and Boston, MA. The least expensive destinations include Thomasville-Lexington, KY; Pittsburg, KS; Harlingen, TX; San Juan-Bayamon-Caguas, PR; and Pierre, SD. The Index uses C2ER’s Cost of Living Index 2023 annual average prices and is “assuming an amazing date includes a movie ticket, a bottle of wine, a haircut, dry cleaning for a two-piece suit, and a ribeye steak.”
  • Consumers, overall, are planning to spend $25.8 billion on Valentine’s Day in 2024, which is an average of $185.81 per person, according to the National Retail Federation and Prosper Insights & Analytics.
  • The National Confectioner’s Association, for the first half of February, states 92% of Americans are planning to share chocolate and candy with recipients, with 60% hoping for classic heart-shaped chocolate boxes. According to recent reporting, cocoa prices are soaring due to damaged crop yields as a result of climate issues in West Africa, where more than 60% of global cocoa is produced. Hershey’s product prices, for example, “rose 6.5% in the fourth quarter; prices for their confectionery chocolate and other candy products in North America rose 9% in 2023.”
  • FinanceBuzz collected data from floral shops in every state to determine likely costs for a dozen red roses. Findings show the average price for a dozen long-stem red roses in the U.S. is $88.61 with the average cost in 21 states falling within five dollars of that total. Hawaii is the most expensive at $128.65 and Alaska being the most affordable, costing an average of $71.63.
  • A recent WalletHub survey indicated that 46% of Americans say inflation is affecting their Valentine’s Day plans and 60% say that “irresponsible spending is a bigger turnoff than bad breath.”
  • For Valentine’s Day 2023, there was a 242% increase over the annual daily average of wine consumption, which is “almost three and a half more wines ordered on Valentine’s Day compared to a single wine ordered on an average day throughout the year,” according to Toast’s data platform.

Image by Jill Wellington from Pixabay

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