(NewsNation Now) — They say love doesn’t cost a thing, but this Valentine’s Day is a different story. For those looking to celebrate the most romantic holiday of the year, inflation could be a heartbreaker.
Americans are set to spend nearly $24 billion celebrating this year, marking the second-highest year on record, according to the National Retail Federation.
Each individual shopper is projected to spend an average of $175 on gifts, an increase of more than $10 from last year, with inflation hitting a nearly 40-year high.
Flowers are one of the most popular gifts. A recent report from The Balance showed that roses are 22% more expensive than they were last year. Typically, a dozen roses cost about $50. But now they are priced anywhere from $70 and up.
90% of all roses sold in the U.S. are grown in Colombia and Ecuador. With shipping prices soaring, those price increases are covering the cost of your bouquet and its trip from South America to Miami, and then onward to florists across the country.
Supply constraints and shipping costs are hitting the chocolate department, too. Lovers will have to pay a premium for heart-shaped boxes this year as assorted chocolates are 9% more expensive
Since 2010, Valentine’s Day spending has nearly tripled, going from $737 million to a whopping $2.1 billion.
And last but not least, we can’t forget about our fur babies. Spending on Valentine’s Day gifts for pets has jumped from $450 million in 2010 to more than $1.7 billion.