Prices of Candy - and Romance - Have Gone Up this Valentine's Day

The sweethearts of Valentine's Day will have to spend a little more money on their special day this year.

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The price of candy and chewing gum rose 12.2% in January over the same month last year, after rising 11.6% in December, according to data released by the government on Tuesday. The price of sugar and sugar substitutes was also 13.5% higher last month, according to the latest data available.

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In spite of this, inflation continues to ease. The consumer price index in January 2022 was 6.4%, down from 6.5% in December 2022 and a 40-year high of 9% in summer 2022, as compared to a year ago. As of January, there was a 10.1% increase in food inflation on an annual basis.

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There was also a higher cost associated with traditional dating activities and gifts. There was an 8.2% increase in price for eating out in January when compared to the same period last year, while plants and flowers were 5% more expensive in January, down from 6.3% a year ago.

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“The price of candy for Valentine’s Day is largely due to an increase in labor costs, manufacturing costs, shipping costs, warehousing costs, and energy costs, along with disruptions in supply chains,” wrote Dallin Hatch, an expert in data for Pattern, an e-commerce analytics company, in an email to Trade Algo. 

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While prices have gone up, the rise does not seem to be deterring couples from celebrating their romance in the best way they can. The National Confectioners Association, an industry trade group, reports that 92% of Americans plan to celebrate Valentine's Day with chocolate and candy this year.

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There is expected to be a total expenditure of $25.9 billion this Valentine's Day, an increase of 8% from last year, with a spending average of $193 per person, according to estimates by the National Retail Federation. The National Retail Federation reported that candy (57%), greeting cards (40%), flowers (37%), a night out (32%), jewelry (21%), gift cards (20%), and clothing (19%) are some of the most popular Valentine's Day gifts. 

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According to a recent Forbes Advisor survey, 60% of consumers say inflation has adversely affected their ability to pay for dates and romantic gifts over the past 12 months, both of which are aimed at improving their quality of life. Almost half of those who cut back on spending on dates and romantic gifts said they borrowed money to manage costs.