Diamonds, Filet Mignon Will Be Cheaper This Valentine's Day

If you plan to celebrate this Valentine's Day by buying your sweetheart chocolates or jewelry, it will cost you more than last year.

According to The Balance's analysis of inflation and retail sales data from December 2022, chocolate candy, gold and silver prices are rising year-on-year, with some products costing almost 12% more than the year before. , filet mignon and diamond have become cheaper since December 2021.

Chocolates and jewelry will cost you more this Valentine's Day

Despite recent times, inflation still affects our wallets, which has made some popular Valentine's Day gifts more expensive.

Chocolate candy prices topped our list, increasing by 11.6% year-on-year. Silver and gold spot prices followed, rising 4.6% and 0.8%, respectively, according to Nasdaq's December data. If you're planning to give jewelry as a gift, according to the latest report from the Bureau of Labor Statistics (BLS), retail prices for all types of fine and fashion jewelry are up almost 6% year-over-year.

Diamonds, Filet Mignon and Roses are cheaper

The good news is that some Valentine's Day favorites have actually gotten cheaper. If you're planning a romantic steak dinner, filet mignon is about 20% cheaper than it was last Valentine's Day, according to USDA market news retail sales data. If you're in the market for diamonds, diamond prices are set to drop about 4% this year, to about $11,460 per carat, according to the Diamond Price Index.

While sweets may cost you a fortune this year, buying flowers for Valentine's Day can save you money. Roses are about 5% cheaper than last year, with many hybrid tea roses costing about $12.

30% of friends 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 friends can help. A recent survey by The Balance found that one in three daters plan to spend more than $100 on Valentine's Day plans. In fact, 21% of daters expect their partner to spend more than $100 on a Valentine's Day gift.

About 80% of Young Adults Exchange Gifts on Valentine's Day

The same survey also found that 79% of young daters said they usually exchange gifts with their romantic partners on Valentine's Day – up from 70% last year.

When it came to gift giving, 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 figures showing that stationery, stationary and gift packs (including greeting cards) were 16.4% more expensive than last year. This is the highest increase in the recorded history of the data.

The results of the survey showed that men give more flowers (55%) and jewelry (44%) as gifts, while women give more clothes (41%). More than two-thirds of those who took part in the survey said that they also went on a special date to celebrate the holiday.

How to Celebrate Valentine's Day on a Budget

Inflation is still going strong, and this Valentine's Day is no exception. While some items are cheaper, you can save even more by planning gifts and dates in advance to avoid any last-minute overspending.

If possible, let each of you know how much you expect to spend on gifts so that you're both comfortable with that 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

Chocolate candy price percentage change is from the latest candy and gum series tracking December 2022 prices. The price of chocolate candy is taken from the December 2021 unit price and adjusted to the December 2022 price with the BLS Consumer Price Index candy and gum series. Price changes in hybrid tea roses and filet mignons are inflation-adjusted average prices reported in December 2021 and December 2022. Hybrid tea rose prices are per bunch and filet mignon prices are per pound. Both were weighted averages of prices reported in USDA Market News Retail sales data from December 2022. Price changes for gold and silver are averages of closing/last spot prices from December 2021 and December 2022. Silver and gold prices per ounce and average of Nasdaq gold and silver closing/last spot prices for each day in December 2022. Diamond price changes for December 2021 and 2022 are from DiamondSE. The diamond price is the average price per carat of all diamonds reported by DiamondSE.

The Balance surveyed 1,000 US adults aged 18-40 between November 4-14, 2022. The survey was administered online via a self-administered questionnaire to a panel of respondents who participated from a market research supplier. To be eligible, survey takers must be currently dating or seeking new romantic relationships. Quotas were used to ensure representation consistent with US Census estimates by gender, race/ethnicity, and region, as well as Gallup estimates for LGBTQ+ respondents ages 18-40.