Inflation Can’t Kill the Love: Most Consumers Will Spend Money on Valentine’s Day Despite Higher Costs

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Consumers are still opening their wallets to celebrate the holiday of love. 

Sometimes, it takes a little money to keep the romance in your relationship alive. Whether it’s the occasional bouquet of flowers or box of chocolates, giving your romantic partner token gifts throughout the year is a great way to show that you’re thinking of them.

But one thing you don’t want to do is bust your budget and rack up credit card debt in the course of showing that affection. And given the way inflation has been surging, a lot of people have had to make changes to how they make romantic gestures.

In a recent Forbes Advisor survey, 60% of consumers say that inflation has impacted their ability to pay for dates or romantic gifts over the past year. In spite of that, 59% still intend to spend money on Valentine’s Day this year, either by going on a date, buying a gift for their significant other, or doing both.

But if money is tight in your world, then a better bet is to have a low-key Valentine’s Day — even if it means doing things differently than you normally would.

How much Valentine’s Day spending can you afford?

If you’re doing well financially, then by all means, take a little money out of your savings account to treat your partner to a fabulous Valentine’s Day — dinner, jewelry, flowers, the whole shebang. But if you can’t swing a big Valentine’s Day celebration, don’t rack up debt in the course of pulling one off. Instead, find ways to make the day special without compromising your finances.

For one thing, you can always cook your partner’s favorite meal at home. And if it’s a complicated one, you can bet they’ll appreciate the effort.

It also wouldn’t hurt to transform your dining area into a romantic haven for the night. Dim the lights, clear the clutter, and put out the candlesticks you rarely use. Dig out the nice tablecloth you typically reserve for special occasions, and bust out your fancy dishes, if you own any (if not, skipping this step is totally fine). Chances are, your partner will be thrilled with the meal and setup you’ve put together.

Be careful with Valentine’s Day spending

A good 40% of consumers plan to spend more money on Valentine’s Day this year than they did last year. Now part of that may be due to the fact that things just cost more these days due to inflation. But either way, if money has been tight, and inflation has been straining your paycheck, don’t get in over your head financially in the course of celebrating Valentine’s Day. Instead, scale back, but do what you can to make the day as meaningful as possible.

If you stretch yourself too thin financially by splurging on Valentine’s Day, you might end up stressed out about it for weeks or months as a result. And carrying around that financial stress could actually make for a tense situation with your partner — a consequence that’s really not worth bearing for a single night of romance.

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