A surge in the price of love.
How inflation impacts the cost of Valentine’s Day celebrations
Even Cupid cannot escape inflation’s sting this Valentine’s Day.
Almost all of the accessories on February 14 will be more expensive this year as consumer prices climb to historic highs. The prices of champagne, roses, chocolates, and cakes have hit record highs heading into the holiday. The skyrocketing price of gold is not helping the situation either.
Since the pandemic, restaurants have charged more for meals to cope with ongoing staffing challenges and rising food costs. Couples can also expect to pay quite a bit for a table for two on this day.
Valentine’s Day spending has always been crores and crores, and it will only be higher this year. Americans spend mindlessly on candies, cards, flowers and other romantic gifts, and this is significantly higher for those in relationships.
In the week leading up to February 14, most e-commerce platforms in India saw transactions worth INR 10 Cr to INR 20 Cr in 2022, according to sources.
In better news, amidst the economic downturn, people felt inspired to support their local businesses, making small businesses one of the top five shopping destinations this year.
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