Published: Sunday, February 12, 2012
A love note to the economy: Valentine's Day spending jumps
Romance doesn't come cheap -- at least, not on Valentine's Day.
A dozen red roses usually cost about $60, according to the Society of American Florists, but with Valentine's Day coming this week, most people will pay about $80, the trade group said.
Romantically inclined couples will spend an average of $146.52 on Valentine's dinner dates, according to restaurant ratings guide Zagat, compared with about $70 on a typical meal for two. Although prices don't change, people tend to eat at more upscale restaurants for Valentine's dates.
"On Valentine's Day, budgets go out the window," Zagat spokeswoman Tiffany Herklots said.
Prices for staples such as chocolates, jewelry and lingerie aren't rising, but consumers shouldn't expect many bargains, either.
Overall, the average consumer will spend $126.03 on Valentine's Day this year, according to the National Retail Federation. That's the highest in 10 years, and up 8.5 percent from 2011. That's a total of $17.6 billion, thanks to the improving economy and increased consumer spending power, federation spokeswoman Kathy Grannis said.
"It's a holiday that strikes fear and dread in men," said author Carole Townsend, who has written about Valentine's Day. "They're so afraid they're going to mess up no matter what they do. Sometimes they'll confuse the costs of the gift with the meaning of the gift, and they think, 'If you don't know what to do, just throw money at it.' "
A dozen red roses usually cost about $60, according to the Society of American Florists, but with Valentine's Day coming this week, most people will pay about $80, the trade group said.
Romantically inclined couples will spend an average of $146.52 on Valentine's dinner dates, according to restaurant ratings guide Zagat, compared with about $70 on a typical meal for two. Although prices don't change, people tend to eat at more upscale restaurants for Valentine's dates.
"On Valentine's Day, budgets go out the window," Zagat spokeswoman Tiffany Herklots said.
Prices for staples such as chocolates, jewelry and lingerie aren't rising, but consumers shouldn't expect many bargains, either.
Overall, the average consumer will spend $126.03 on Valentine's Day this year, according to the National Retail Federation. That's the highest in 10 years, and up 8.5 percent from 2011. That's a total of $17.6 billion, thanks to the improving economy and increased consumer spending power, federation spokeswoman Kathy Grannis said.
"It's a holiday that strikes fear and dread in men," said author Carole Townsend, who has written about Valentine's Day. "They're so afraid they're going to mess up no matter what they do. Sometimes they'll confuse the costs of the gift with the meaning of the gift, and they think, 'If you don't know what to do, just throw money at it.' "
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