How Much Does Valentine's Day Cost in 2022?

What does high inflation, currently clouding today’s economic outlook, mean for Valentine’s Day in 2022? That’s the question that LPL Financial Chief Market Strategist Ryan Detrick reviewed in a note on Monday.

As the firm does every year, “LPL Research takes a look at changing prices from the perspective of some popular ways to celebrate the day with our annual Valentine’s Day Index,” he wrote.

While inflation is indeed affecting prices for some items often bought by sweethearts on this special day, there are some sectors where higher prices is not having a significant impact on Feb. 14, according to Detrick: Energy commodities were up 49% in 2021, and used cars and trucks rose 37% last year, he points out.

Other areas that had double-digit inflation in 2021 “that you can avoid on Valentine’s Day,” LPL says are in these areas: living room, kitchen and dining room furniture (+17%), washing machines (+12%), men’s suits (+11%), and new cars (+12%).

Scroll through the above slides for details and updates on LPL’s latest Valentine’s Day Index.

A Night In: Up 4% in 2021

The cost of an evening in, Detrick says, typically includes a home-cooked meal, wine, flowers and candy. Prices for many items on this list were generally in line with core CPI inflation (which excludes food and energy) last year — meaning they rose 7%.

But a glass or two of wine at home, he points out, “has seen next to no price increase at all.” Still, prices for meat, poultry, fish, and eggs rose about 12% in 2021, and fruits and vegetables increased roughly 5%.

According to Detrick, “Your best option may be to skip dinner and go right to dessert sundaes, since dairy prices were only up about 2%.”

(Image: Adobe Stock)

A Night Out: Up 4.7% in 2021

Prices for a dinner out, up almost 7% in 2021, according to LPL, increased more than a dinner in over the past year or so. At the same time, child care costs “have remained relatively restrained so it won’t cost you that much more in 2021 to hire a sitter, if you can find one,” explains Detrick.

“Responsible older siblings are always a good budget option, but take years of advance planning,” he jokes.

(Image: Adobe Stock)

Jewelry: Up 7.2% in 2021

Jewelry “saw the largest price gain in 2020 and 2021 combined,” LPL’s Detrick says. Still, from 2012 to 2019, prices for jewelry “actually fell slightly, compared to gains in all other categories. (See Slide 6.)

Thus, “It’s probably not a bad time to potentially buy something sparkly for your sweetheart if that’s how you’re inclined,” he explains.

And keep this in mind, Detrick adds: “It’s hard to go wrong with jewelry, which includes watches (hint hint).”

(Image: Adobe Stock)

Vacation Getaways: Up 11.9% in 2021

“When it comes to a vacation getaway, hotel prices have picked up dramatically in the last year, up nearly 28% after falling 11% in 2020,” LPL’s Detrick says.

Airfares “collapsed dramatically in 2020, falling almost 20%, but have barely budged in 2021, climbing a little over 1%,” he adds.

Still, airfare costs are off to a “soaring start” in 2022, and climbed over 2% in January alone, likely due to rising fuel costs, the LPL strategist points out.

(Image: Adobe Stock)

LPL’s Valentine’s Day Index for Inflation in 2021: Up 7%

“Our Valentine’s Day Index looks at annual prices, and while the index matches 2021 Consumer Price Index (CPI) inflation, at 7%, it’s lower beneath the surface,” Detrick explains.

“Two of three components (Night In and Night Out) are materially lower” than in 2020, he says. While the cost of a vacation getaway is higher, that comes “after a sharp COVID-19-related decline in 2020, so the two-year price movement is just under 1% a year.”

Even so, the strategist explains, LPL’s Valentine’s Day Index “is relatively affordable compared to inflation in the broad economy, and each component is still at a 10-year high.”

How Pricey Is Valentine's Day This Year?

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How Pricey Is Valentine's Day This Year?

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More on this topic

A Night In: Up 4% in 2021

A Night Out: Up 4.7% in 2021

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Vacation Getaways: Up 11.9% in 2021

LPL’s Valentine’s Day Index for Inflation in 2021: Up 7%

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