It's Valentine's Day and is the perfect time to discuss love and finances. What is the cost of love this Valentine's season? Romance and love is in the air, but the wallets feel the pressure. The latest lending-tree survey of over 2,000 customers indicates that Americans in relationships are allocating an average of 179 dollars for their Valentine's Day dates.

While some couples are embracing the romantic holiday, most are swiping left. Almost fifty per cent of those surveyed said they would happily forgo the holiday and cost entirely if given the option. About one-third of Americans consider it worthwhile to demonstrate their affection for their partner, even if they have to take on debt.

Most plan to cut back on their spending this year, compared to 2024. About 60 per cent think inflation has made it more difficult to purchase Valentine's Day presents.

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Wallets feeling the pressure?

Flower prices usually soar and the surge in cocoa prices have made chocolates more expensive. Prices of cocoa — a key ingredient in chocolate — have increased relentlessly to new records over the past year, forcing companies to hike the prices of their products.

The cost of almost everything have surged, making romantic gifts such as food and jewellery more expensive. Inflation is clearly hurting, with nearly 40 per cent surveyed not expecting any purchased gifts this time around.

Even the perception of how to celebrate this Valentine's has changed compared to last year. About 25 per cent of Americans now perceive a restaurant date as a show-off and unnecessary. Still, based on data from wallet-hub, a financial information site, Americans are expected to shell out 25.8 billion dollars this year on Valentine's Day.

That puts it in the third place among the most expensive holidays. The inflation bite is not restricted to America alone. Globally, too, price pressures have hurt household budgets.

The sentiment of a cutback is similar across the world for Valentine's Day spending. Still, the industries that rely on Valentine's Day business are hoping for continued celebrations. Gift shops, florists, restaurants, jewellery stores, and Valentine-Day theme makers for brand building are some of the businesses looking at their margins amid elevated inflation.

Will price pressures hit Valentine's spending, or will love take over?

(With the inputs from the agencies)