By SOPHIA PALUGHI
(Lead) As the nation heads into the third year of the COVID-19 pandemic, Valentine’s Day spending continues to rise, and more people are indulging on themselves.
(Lead Explainer) In a report for the National Retail Federation, an independent organization dedicated to researching consumer habits, reports, “historic consumer spending over the winter holiday.”
The average consumer is expected to spend around $175 this coming Valentine’s Day. From bouquets to babysitters to luxury jewelry- this sum can add up rapidly.
Self-indulgent spending is a new contributing factor to the overall incline of this Valentine’s Day.’
Self- Love on Valentine’s Day
“Did you spoil yourself this Valentine’s Day because you are single or because you wanted to for you?”
“I am single that is a fact but, I treated myself because self-care and self-love was important that day for me.” -Avery.
Triangle Mom tweets about how Valentine’s Day should move away from coupled tradition, and focus instead on radical self-love.
In a blog for Bankrate, the concept of spending money on ones’ self for Valentine’s Day, Bennett, wrote that “a quarter of single women bought flowers for themselves in 2021… compared to 7% in men.”
Self-indulgment spending is a new contributing factor to the overall incline of Valentine’s Day spending.
(Background/Context) While overall Valentine’s spending is on the rise, 2022 is expected to be the second most financially active year, following behind the pre-pandemic February 2020. In the chart below,
<img src=https://infogram.com/1pqm0dglk77xllfqpm71gmj9l5h0d3ngd0n”>
yearly Valentine’s spending rates can be viewed- with 2020 at the peak with 196.31 trillion spent. 2022 is expected to trail behind- but only by 20 trillion.
Inflation in 2022, crashing down on Valentine’s Day
One factor that cannot be ignored is the soaring high inflation rates that the United States is currently buckled under. Inflation refers to a general increase in product prices across the board. This tends to decrease the purchasing power of everyday citizens, with goods suddenly rising in value. How does the 2022 inflation rate correlate to Valentine’s spending?
In a CNBC report , Jessica Dickler writes that, “7.5% inflation is making everything more expensive.” Do goods simply cost more? Or are romantic couples willing to set aside high prices for post-pandemic pleasure? The US Inflation Rate can be continually tracked at the Inflation rate calculator website . Every nation varies in inflation rates, but US consumers must pay attention to this financial hurdle during the Valentine’s season.
Budget on Valentine’s Day?
“What are your thoughts on Valentine’s day now that you have a girlfriend? Did the pandemic stop you from spending money or did it not occur to you/ if not how much did you spend not giving yourself a budget?”
“It is a joyous time to celebrate with a person who means so much to me. It gives a lot of meaning than it ever did before. The pandemic did not stop me from spending money because I have a good job and I wanted to treat my girlfriend. I got her a sweatshirt she wanted, ugg slippers, red roses and of course a nice dinner out. I spent a little over $300.”- Christian
(Kicker or ending) Overall, whether it be inflation, COVID-19 anxiety, or a steady incline of holiday spending to blame- this Valentine’s Day appears to be notable for financial history. As for spending guidelines- sticking to $175 seems to be the average amount. And while a fancy holiday necklace may appear worthy in the short term, debt isn’t ideal as the pandemic and inflation continue their reign on society.
CITATIONS
Bennett, K. (n.d.). Average cost of Valentine’s day. Bankrate. Retrieved February 14, 2022, from https://www.bankrate.com/banking/valentines-day-average-cost-for-gifts/
Dickler, J. (2022, February 3). While Valentine’s day is getting more expensive, going into debt isn’t sexy. CNBC. Retrieved February 14, 2022, from https://www.cnbc.com/2022/02/02/inflation-impacts-valentines-day-but-overspending-isnt-sexy.html
Inman, D. (2022, January 31). Americans spend $23.9 billion on Valentine’s Day this year. NRF. Retrieved February 14, 2022, from https://nrf.com/media-center/press-releases/americans-spend-239-billion-valentines-day-year
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