ROCHESTER, N.Y. — Valentine’s Day is approaching, but the cost of traditional gifts like flowers and chocolates has risen. According to surveys, Americans are planning to spend varying amounts on their Valentine’s Day celebrations.
The National Retail Federation survey indicated that people plan to spend more than last year, around $200. However, a LendingTree survey found that Americans plan to spend about $132, which is less than last year. Regardless of which survey you believe, nearly everything from tulips and truffles will cost more.
Flowers, especially roses, are more expensive this year. FinanceBuzz reported that the average price for a dozen long-stemmed roses is just over $93, a 3% increase from last year. These flowers often come from countries like Ecuador or Colombia, and new tariffs have impacted their prices.
Chocolates and jewelry have also seen price increases. LendingTree notes that chocolates are up almost 12%, while jewelry prices have risen nearly 8%. These increases, along with the cost of daily essentials, have led many surveyed by LendingTree to plan on spending $132, down from $179 last year.
“We found that most people in relationships are going to spend money this Valentine’s Day, they’re just not going to spend as much as they did last year,” said Matt Schulz, LendingTree’s chief finance analyst.
Despite this, nearly half of those surveyed said they plan to go into debt to cover Valentine’s Day expenses. “But the thing is their partners probably don’t want them to. About three-fourths of the people that we asked said that they wouldn’t want their partner to go into debt,” Schulz said.
“Especially when you’re married to the one that you love and so you’re taking on that debt together,” News10 NBC’s Deanna Dewberry said.
“If you are married and you’re taking on that debt together, your partner certainly doesn’t want you to take it on,” Schulz added.
For those looking to save, high-quality blooms can be found at grocery stores. Trader Joe’s offers roses for $11 a dozen, and Whole Foods sells two dozen for $30 for prime members. A dozen roses at Walmart are $10.73 and at Target they cost $20. At Wegmans a dozen sells for $24.
Here’s Deanna’s Do List for saving money on Valentine’s Day:
*Considering a mixed bouquet instead of all roses. Add fillers like baby’s breath, lavender and ivy. Shop locally to avoid shipping fees. Considering a plant. And have flowers delivered early to save on delivery costs. Delivery fees are often more expensive on Valentine’s Day.
If an expensive Valentine’s Day gift isn’t in your budget this year, Schulz emphasized the importance of communication in relationships, saying, “Being able to talk about money is essential in any relationship.”
Consumer Alert: Valentine’s Day gifts are more expensive this year WHEC.com.
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