Roses are red, chocolates are impressive, inflation is making Valentine’s Day more expensive

From a box of chocolates to a bouquet of roses, romantic gestures this Valentine’s Day might cost you more. CTV’s Kimberley Fowler reports.

If you’re thinking about buying flowers or some sweet treats for that special someone this Valentine’s Day, those romantic gestures will cost you a little more than you might expect this year.

The cost of Valentine’s Day chocolate is expected to go up 10 to 20 per cent, as the price of cocoa has more than doubled since the beginning of 2024. A dozen roses could also cost you more, with several factors like unpredictable weather and supply chain issues influencing the price.

According to a new survey by Caddle and the Retail Council of Canada, 37 per cent of Canadians plan to celebrate Valentine’s Day this year, that’s down slightly from 39 per cent last year, and an even bigger drop from 48 per cent in 2023.

In 2024, a survey from Leger said that Canadians spent about $97.80 on Valentine’s Day.

This year, Canadians are expected to spend between $50 and $100 on gifts, dining, and other Valentine’s Day-related expenses.

While fewer people are celebrating Valentine’s Day this year, those who are celebrating plan on spending just as much money or more than they did last year, and many are choosing to shop local.

“We’ve had a couple of people come in—even to our bakery in Carleton Place—saying that they want to support local businesses and growing businesses,” says Chloe Brown of Cooookies With Us, an Ottawa-based shop specializing in gourmet cookies.

Dining out remains the most popular choice with four in 10 people heading to restaurants for Valentine’s Day. (41.1%)

“It’s going to be probably our busiest day of the year,” says Stephen Beckta, president of Beckta Restaurant Group. “It happens to fall on a Friday this year, and a lot of people are celebrating both Friday and the Saturday. The HST holiday has also been a wonderful boon over the last couple months to people dining out, so 13 per cent less expensive than it typically is. We’ve been booked up solid for the last week at least.”