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Valentine’s Day sweethearts will need to fork out more for meals and sweet treats this year.
Candy and chewing-gum prices rose 12.2% in January over last year, after rising 11.6% in December, according to government data released Tuesday. Similarly, sugar and sugar substitutes were 13.5% more expensive last month.
But inflation continues to ease. Consumer prices were up 6.4% in January from a year ago, a slight drop from 6.5% in December 2022 and from 9% in summer 2022, which marked a 40-year-high. Annual food inflation, however, hit 10.1% in January.
Traditional dating activities and gifts are also pricier this year. Dining out was 8.2% more expensive in January compared with last year, while indoor plants and flowers cost 5% more than a year ago, easing slightly from 6.3% in December.
“Increased cost of labor, manufacturing, shipping, warehousing and energy — along with disruptions in supply chains — are all responsible for why candy is more expensive for Valentine’s Day,” said Dallin Hatch, a data expert for Pattern, an e-commerce analytics company, in an email to MarketWatch.
But the rise in prices does not appear to be deterring couples from celebrating their love. Some 92% of Americans plan to celebrate Valentine’s Day with chocolate and candy, according to the National Confectioners Association, an industry trade group.
Total spending this Valentine’s Day is expected to reach $25.9 billion, up 8% over last year, with the average person spending $193, according to estimates from the National Retail Federation. The most popular Valentine’s Day gifts include candy (57%), greeting cards (40%), flowers (37%), a night out (32%), jewelry (21%), gift cards (20%) and clothing (19%), the group said.
But 60% of consumers say inflation has affected their ability to pay for dates and romantic gifts over the past 12 months, a recent Forbes Advisor survey found. To manage costs for dates and romantic gifts, more than half of the survey’s respondents (52%) said they have cut back on spending, while a similar percentage said they have borrowed money.
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