Spending skyrockets for Valentine's Day despite inflation
FORT WORTH - Amid rising prices and inflation concerns, Valentine's Day spending is expected to break records as people use their consumer purchasing power to show they care for a loved one.
Shoppers are expected to spend $27.5 billion on Valentine's Day according to The National Retail Federation. That figure would be higher than 2024 tallies as well $27.4 billion spent in 2020.
While holiday spending for 2025 is expected to eclipse the last few years, one North Texas-based expert told CBS News Texas lingering production and supply chain issues as well as inflation could account for much higher prices for common gifts like candy, flowers, cards, jewelry or an evening out.
"[Valentine's Day] is a huge consumer spending time, but [it's] dictated by the economic climate," said Kirti Sinha, an assistant professor at the University of Texas at Dallas, citing multiple factors, including employment and consumer confidence.
U.S. inflation rates increased around the country for January and area prices in Texas were not immune. Numbers compiled but the U.S. Bureau of Labor Statistics showed area prices in the Dallas-Fort Worth-Arlington area rose 1.7% in December and January and were up 2.8 percent over the year.
"Chocolate prices are going up, flowers are going up and of course dining is going to be higher because the grocery prices are so much higher," Professor Sinha added. "There is inflation everywhere and everything is high."
As far as Valentine's Day gifts are concerned, shoppers in the market for flowers in Texas may pay some of the highest prices in the nation.
In Texas, a dozen roses might cost around $110, according to recent research by FinanceBuzz, but the demand is also high.
An early morning investigation Friday at a shopping center on Camp Bowie Boulevard by Fort Worth Police turned out to be flower shop employees working feverishly to complete holiday orders.
In Dallas, an Avant Garden florist said their small business produced about 400 bouquets for customers in previous years.
"Rationally, I would expect spending to be lower," stated Professor Sinha. "But [if you] bring that emotional, sentimental value to Valentine's Day, people will spend."
