Spending Your Love: Valentine’s Day and the Economy

Despite the contested origins of Valentine’s Day, this holiday is well-celebrated around the globe. Nowadays, Valentine’s Day is synonymous with chocolates, flowers, cards, stuffed toys, and expensive dinners.

With the opening of the economy and the lifting of restrictions, Valentine’s day was in full swing this 2023. But aside from this, the world is still reeling from the economic effects of the pandemic, the looking global recession, and the new record-high inflation rates.

The increased prices of sugar and eggs, affect hot Valentine’s day commodities such as sweets and chocolates. Data from the Philippine Statistics Authority (PSA) shows that the prices of eggs have increased by 17.7% while the price of sugar has increased by 38.8%, and the prices of chocolates have shot up by 7.2%.

Meanwhile, PSA data also shows that wine prices have increased by over 7%.

According to The National Retail Federation and Prosper Insights & Analytics, consumer spending on Valentine’s Day 2023 was predicted to increase to $26 billion or y 8% which is the second-highest year recorded.

The minimum wage in Metro Manila is set at ₱570 per day. Nowadays, a ticket to the cinema costs an estimated ₱300 to ₱600. This doesn’t include transportation costs or food and drinks.

Valentine’s Day has become synonymous with lavish gifts and expensive dinners in a world driven by consumerism and social media.

With difficult times and tight budgets, there can other ways to express care and love without having to spend ridiculous amounts.

Sources: Rappler, USA Today