Prices of chocolate candy, gold, and silver are up year over year, with some items costing almost 12% more than the year prior, according to The Balance’s analysis of inflation and retail data from December 2022. But not everything is more expensive—roses, filet mignon, and diamonds have dropped in price since December 2021.
Chocolates and Jewelry Will Cost You More This Valentine’s Day
Despite the recent cooldown, inflation is still impacting our wallets, and it’s made some popular Valentine’s Day gifts more expensive. Chocolate candy topped our list, with prices increasing 11.6% year over year. Silver and gold spot prices followed, rising 4.6% and 0.8%, respectively, according to December data from Nasdaq. If you’re planning on gifting jewelry, retail prices for fine and fashion jewelry of all kinds are almost 6% more than the year prior, as reported by the Bureau of Labor Statistics’ (BLS) latest Consumer Price Index (CPI).
Diamonds, Filet Mignon, and Roses Are Less Pricey
The good news is that some Valentine’s Day favorites have actually gotten less expensive since last year. If you’re planning a romantic steak dinner, filet mignon is nearly 20% cheaper than last Valentine’s Day, according to USDA market news retail data. And if you’re in the market for a diamond, it will cost about 4% less this year, at around $11,460 per carat, according to the Diamond Prices Index. While candy could cost you more this year, buying flowers for your Valentine might save you some money. Roses are about 5% cheaper than they were last year, costing about $12 for a dozen hybrid tea roses.
30% of Daters Plan To Spend More Than $100 on Valentine’s Day
If you’re wondering how much you should spend on Valentine’s Day, maybe your fellow daters can help. A recent survey conducted by The Balance found that nearly one in three people who are dating plan to spend more than $100 on Valentine’s Day plans. In fact, 21% of daters expect their partners to spend more than $100 on a Valentine’s Day gift.
Nearly 80% of Young Adults Exchange Gifts on Valentine’s Day
That survey also found that 79% of young daters said they typically exchange gifts with their romantic partner on Valentine’s Day—up from 70% last year. When it comes to giving gifts, candy and flowers were the most popular items, with 43% of people saying they would give them to their partner for Valentine’s Day. A card was the third most popular gift, despite the latest inflation data showing stationery, stationery supplies, and gift wrap—which includes greeting cards—are 16.4% more expensive than last year. This is the highest increase in the data’s recorded history. The survey results showed that men were more likely to give flowers (55%) and jewelry (44%) as gifts, while women were more likely to give clothing (41%). More than two-thirds of those surveyed said they also go on a special date to celebrate the holiday.
How To Celebrate Valentine’s Day on a Budget
Inflation is still impacting dating lives, and this Valentine’s Day is no exception. While some items are less pricey, you can save even more by planning gifts and dates ahead of time to prevent any last-minute overspending. If you can, have an open conversation with your partner about how much you each expect to spend on gifts so you’re both comfortable with the amount. After all, financial boundaries are an important part of any relationship. A handmade card, a home-cooked meal, or a romantic night on your couch can still make Valentine’s Day special without breaking the bank.
Methodology
The percentage change in the price of chocolate candy is from the candy and chewing gum series in the latest Bureau of Labor Statistics’ (BLS) Consumer Price Index that tracks December 2022 prices. The price of chocolate candy was sourced from the National Confectioners Association’s State of Treating 2022 as the price per unit in December 2021 and adjusted forward to a December 2022 price with the BLS Consumer Price Index candy and chewing gum series. The price changes in hybrid tea roses and filet mignon are from the USDA Market News Retail data, and prices are weighted averages of the reported prices in December 2021 and December 2022, adjusted for inflation. Hybrid tea rose prices are per bunch dozen and filet mignon prices are per pound. Both were the weighted average of reported prices in the USDA Market News Retail data from December 2022. Price changes for gold and silver are averages of the closing/last spot prices from December 2021 and December 2022. Silver and gold prices are per ounce and were the average of the Nasdaq gold and silver closing/last spot prices for every day in December 2022. Diamond price changes are from the DiamondSE Diamond Price Index for December 2021 and 2022. Diamond price is the average price per carat of all diamonds reported by DiamondSE. The Balance surveyed 1,000 U.S. adults ages 18 to 40 from Nov. 4-14, 2022. The survey was fielded online via a self-administered questionnaire to an opt-in panel of respondents from a market research vendor. To qualify, survey participants must be currently dating or seeking new romantic relationships. Quotas were used to ensure representation to match U.S. Census estimates for gender, race/ethnicity, and region, as well as Gallup estimates for LGBTQ+ respondents among those ages 18 to 40.
