Inflation hits record high, dampening US Valentine's Day celebrations

Valentine 's Day celebrations and gift exchanges in the United States may look a little different this year as inflation continues to hit a 40-year high .

Marshal Cohen, chief retail industry advisor for the NPD Group , told FOX Business that prices for the most popular gifts have increased by an average of 10% to 15%.

A new report recently released by the U.S. Department of Labor showed that the U.S. Consumer Price Index (CPI) rose 7.5% in January from the same period last year , the fastest increase since the inflation rate reached 7.6% in February 1982.

It is reported that the gifts purchased by consumers have improved in quality, from greeting cards to flowers to chocolates . Many couples like to cook in restaurants or at home on Valentine's Day, but inflation has increased the cost of cooking at home.

According to relevant retailer executives, although restaurants traditionally raise prices during Valentine's Day, this year's Valentine's Day price increase index is close to 20% to 25%. Even cooking a meal will cost 10% more.

They also said that prices were rising in all areas due to inflation .

In addition to inflation, the ommicron variant of the new coronavirus is still spreading rapidly across the United States , which means that traveling and dining out are still a big problem for local people , and it is difficult to choose a suitable restaurant.

However, even under such circumstances, the top ten most popular restaurants in the United States still provide customers with romantic experience activities, which are deeply loved by couples, such as Valentine's Day weekend activities, double set meals, etc.

Compared with previous years, the choice of gifts for Valentine's Day in the United States has also changed to some extent this year, with men's underwear becoming a hot item. Greeting cards, food, flowers and clothing are still the most popular items. In addition, some DIY gifts are also becoming one of the favorites of local consumers.

Affected by inflation, more consumers pay more attention to creative gifts, and price and appearance are also important factors affecting product sales.

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