Inflation hurts Valentine’s Day celebrations


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Inflation hurts Valentine's Day celebrations

Inflation hurts Valentine’s Day celebrations

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With inflation at a 40-year high, this year’s traditional Valentine’s Day celebrations and gift exchanges may look a little different.

Marshal Cohen, chief retail industry consultant for The NPD Group, told FOX Business that the price of most sought-after gifts rose by an average of 10% to 15%.

Consumer prices rose 7.5 percent in January from a year earlier, the fastest pace since inflation hit 7.6 percent in February 1982, according to a new report from the U.S. Labor Department on Thursday.

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“We’ve got this high level of stuff from greeting cards to flowers to chocolates,” Cohen said.

Yard Arif hands a bouquet to a customer at Santos Farm in Kent, Washington, on March 22, 2020. (Reuters/Lindsey Wasson/Reuters Photo)

On top of that, “that big dinner you want to take your loved one out to eat” will also cost more.

Inflation accelerated by 7.5% in January to a 40-year high

While restaurants are traditionally more expensive on Valentine’s Day, Cohen said it will cost nearly 20% to 25% more this year. Even cooking a meal costs more — up 10%.

“In every way we look at it, our prices are going up,” he said.

Bernie Schaked helps Vanessa Necolettos buy Valentine’s Day chocolates for her husband at the Schakolad Chocolate Factory on February 13, 2009 in Davie, Florida. (Joe Redel/Getty Images/Getty Images)

In addition to inflation, Cohen noted that the omicron variant of COVID-19 is still spreading rapidly across the country, meaning travel and eating out remain a big issue.

“It’s hard to get into some of your favorite restaurants because they don’t have the skills to do it,” he said.

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Consumers, in turn, are being forced to think more creatively when it comes to gift-giving and night-time planning. This could come in the form of home-cooked meals or even DIY gifts, he noted.

“[You] “It’s probably not going to be the same gift you get year after year,” he said. “This Valentine’s Day, it’s more about the idea than the amount and amount we spend.”

Megan Henney of FOX Business contributed to this report.

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