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I Love You Even More, 2.38% To Be Exact
HOUSTON -- This year, consumers will spend 2.38% more for the most popular Valentine gifts. Spoiling your loved one with imported Chanel No. 5 perfume, for instance, stinks at a skyrocketing increase of 14.04%.
Those fancy Godiva chocolates in a heart-shaped box aren’t quite as sweet at a cost of 5.26% more than last year, while the price of a designer silk tie rose 3.45%, according to the annual "Cost of Loving Index" compiled by Houston Asset Management.
The majority of gifts on the list, however, remained the same price and it's possible to spend 9% less trading sweet nothings over a candlelight dinner for two, which represents the only price decrease on the index. "I don't remember another year since the inception of our Cost of Loving Index 23 years ago when the majority of gifts we track stayed at the same price points," said Bob Frater, CEO of Houston Asset Management. "Five of the nine gifts come in at the same price and that may reflect some stability in the market. But overall, since 1990 we have seen over a 2.5% increase in these prices. That may not be so bad for true romantics."
According to the National Retail Federation, last year the average American who celebrated Valentine's Day shelled out $126.03, 8.5% more than 2011. About 36% bought flowers and the Cost of Loving Index shows a price of $129.07 for the delivery of a dozen long-stemmed roses, the same as last year.
Highlights of this year's index:
- A $250 romantic candlelight dinner for two at a fancy restaurant returned to its 2011 level, dropping 9%.
- The cost of two tickets to a first-run movie and a Valentine's Day greeting card remained the same.
- A toast with a bottle of Simi California chardonnay is constant at $25.85.
- At $68, the price of a designer silk nightie hasn't changed since 2011, but the designer silk tie for him increased 3.45% after remaining constant for several years.
Houston Asset Management, founded in 1980, is a full-service registered investment advisory firm that offers financial planning and investment advisory services.
Published by The Business Journal, Youngstown, Ohio.
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