They say love doesn’t cost a thing, but Valentine’s Day is a different story.
For starters, anyone going on a date on the Feb. 14 holiday can expect to pay top dollar for a table for two. Restaurants, which have been under pressure since the very start of the pandemic, are charging more for meals to combat ongoing staffing challenges and higher food costs.
The price of a good steak, in particular, spiked 154%, according to data compiled by personal finance site The Balance.
Nearly all of the other trappings of Feb. 14 also cost more in 2022.
The average price for a dozen roses jumped 22% from last year, The Balance found. Assorted chocolates are 9% higher, while candy sales, overall, hit new highs heading up to the holiday.
Imported champagne, which is already more expensive than other sparkling wines, rose to $53 a bottle, up roughly 18% from a year before, according to alcohol-delivery service Drizly. The average price of table wine, on the other hand, is up just 2.5%.
Only gold prices have stayed near $1,800 an ounce due to other economic factors.
Altogether, Valentine’s Day spending is expected to reach $23.9 billion in 2022, the second-highest year on record, according to the National Retail Federation.
On average, Americans will shell out $175.41 on candy, cards, flowers and other romantic gifts, up from $164.76 in 2021.
Those in a relationship will spend even more — averaging $208 for their significant other, according to a separate LendingTree survey of nearly 2,100 adults.