Romance costs more this year as inflation lifts Valentine's Day gift prices
Summary
This year, people are expected to spend about $200 on Valentine's Day gifts, the highest amount ever. Prices for flowers, chocolates, and jewelry have gone up a lot due to inflation, tariffs, and supply problems.Key Facts
- Average spending on Valentine's Day gifts in 2024 is around $200, up from $188.81 last year.
- Chocolate prices have increased by more than 70% since 2021 according to government data.
- Many chocolate makers face delays in adjusting prices because they buy raw cocoa beans in advance.
- Flowers cost more due to tariffs on imports and damage to U.S. crops from freezing weather.
- About 80% of cut flowers in the U.S. come from South America and are affected by tariffs.
- Packaging materials like vases and ribbons are more expensive because they mostly come from China.
- Jewelry prices have jumped, with gold costing over $5,000 an ounce, rising more than 50% last year.
- Consumers are expected to spend $7 billion on Valentine's Day jewelry, the highest spending category.
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