Key Takeaways
  • The National Retail Federation (NRF) released a report stating that the amount of money that will be spent on Valentine’s Day gifts for 2022 is expected to reach $23.9 billion.
  • The average customer is expected to spend $175.41, an increase from $164.76 in 2021.
  • Some people may not have the funds to buy expensive gifts for their significant other for Valentine’s Day. However, CapWay is sharing a list of inexpensive gifts in the article below.
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Valentine’s Day can be considered the day of love for our loved ones, and the day of hatred for our bank accounts. Valentine’s Day is typically spent showering the ones we love the most with gifts and sharing our love and affection. According to the National Retail Federation (NRF), it is projected that Valentine’s Day spending will reach $23.9 billion, the highest year on record.

 

Cost of Average Valentine’s Day Gifts

 

Typically, when purchasing gifts for a significant other on Valentine’s Day, it is usually assorted chocolates, candy, and flowers. According to the same NRF report, the average person living in the United States who celebrates Valentine’s Day spends $175.41 on a variety of gifts for their significant other.

 

Recommended Read: Practice Self-Care on a Budget

 

However, when this number is compared to last year’s average of $164.76, it indicates a rise in prices by 6.5%. The increase of 6.5% may be due to growing inflation, which was last reported at 6.2%. 

 

It’s important to look at the factors that caused the price of Valentine’s Day gifts to rise.

 

The Costs of Valentine’s Day Gifts Have Increased

 

The cost of gifts has increased over the past year, mainly because of inflation. Inflation is when the price of products and services increase, typically annually, forcing companies to raise the prices of their products to account for the rise.  

 

The global supply chain crisis is another factor that has caused the average cost of Valentine’s Day gifts to increase. Currently, there is a shortage of flowers, such as red roses. Due to shortages, floral shops are having difficulty getting their hands on flowers for Valentine’s Day. 

 

Furthermore, the flowers that are being shipped to the floral shops have a higher cost. The spike in pricing is due to transportation costs related to importing the flowers. Also, other Valentine’s Day related gifts have increased over the past year.

 

Image Credit: adriaticfoto / Shutterstock.com

 

Consequently, the listed factors stated above are the reasons that people are spending more this year on Valentine’s Day gifts.

 

Inexpensive Gifts That Hold Significant Value

 

Everyone wants to give their significant other expensive gifts to showcase their affection. However, sometimes, their current financial situation makes it difficult. Therefore, here are some inexpensive ways to display your appreciation and admiration towards your significant other. 

 

Recommended Read: Frugal Valentine’s Day Gifts

 

Spend Time Doing Their Favorite Things

 

One of the best ways to show appreciation is by doing the activities your spouse loves doing the most. When you spend time with your partner you are ultimately creating a space to have quality time with them. If your partner enjoys taking long walks at the park, then you can plan a nice Valentine’s Day around their favorite activity and create new memories together.

 

Create a Slideshow of Favorite Moments

 

When spending time with your significant other, you are creating new and exciting memories with each other. A photo slideshow is a great way to show your significant other how much they mean to you by showcasing valuable memories. A slideshow is priceless in terms of the sentimental value it has for both you and your significant other.

 

Making Their Favorite Meal

 

Although eating out at a nice restaurant is a popular option, it can also put a dent in your bank account. Therefore, cooking your significant other’s favorite meal will display your love towards them. A homecooked meal allows you to spend quality time with the one you love.

 

Recommended Read: How to Save Money When Grocery Shopping

 

Although money helps you show your appreciation towards your spouse, it is not necessary. What is important is spending time with them, showing affection, and caring for them. Your loved one will appreciate how you support and love them all year round, not just on Valentine’s Day.

 

What are some other inexpensive gifts someone can gift their significant other? Please share your thoughts with us in the comment section below.

 

Main Image Credit: Shutterstock.com

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