By: Autumn Klein
FAYETTEVILLE, Ark. (UATV) – It is no news that inflation has been at an all-time high in the United States recently, and it doesn’t seem to be improving for this Valentine’s Day.
According to the National Retail Federation, this Valentine’s Day is one of the most expensive on record. A chart the Federation released shows that consumers are anticipated to spend $25.9 billion, in comparison to the $23.9 billion spent on the holiday in 2022. The National Retail Federation also stated that consumers celebrating Valentine’s Day will spend an average of $192.80. The average last year was $175.41.
According to data from the U.S. Bureau of Labor Statistics, stationery and gift wrap – the category that includes greeting cards – is up 16.4% more in cost compared to last year. The average price of chocolate is even up 8% compared to last year, according to IRI Worldwide.
Some consumers, like Alec Daril, decided to “DIY” their own gift this year, to make the financial damage a little less painful.
“I decided instead of buying something pre-made, I [would] buy something that I could make myself and, hopefully, save more money.”
Daril chose to make chocolate-covered strawberries for his special someone. He said he was hoping he would save some money this way; however, even just the ingredients were still more expensive than normal.
Jeff Cooperstein, research associate for business and economics at the University of Arkansas, said there are a number of factors that are causing this inflation including the recent pandemic, the war in Ukraine, and supply and demand factors. Cooperstein said he believes inflation is starting to come back under control, though. He shared his predictions for next year’s Valentine’s day.
“I don’t think next Valentine’s Day will be less expensive, but I don’t think we will have a price increase as great as we did from 2022 to 2023.”
As for this year, it just looks like Valentine’s Day might break the bank – and some hearts – regardless.