(WXYZ) — As Valentine's Day approaches, people may be opening up their hearts, but having trouble opening up their wallets as we continue to deal with inflation.
The National Retail Federation said more than half of consumers plan to spend an average of $192.80 on Valentine's Day this year. That's up from $175.41 last year.
If the higher costs are breaking your heart, there are budget-friendly ideas that may
Let's start with sweets for your sweetheart, or your single "Galentines." Consider shopping early and local, like at For The Love of Sugarin Midtown Detroit.
The bakery has been open for five years, but Owner Manal Hussein said this is the first year she's offered a separate Valentine's Day menu complete with Conversation Heart sugar cookies and delicious macarons.
"One is a chocolate-covered strawberry macaron that people absolutely love — and an oreo cheesecake one," said Hussein describing some of the new items.
And you can save some money on those Valentine's themed cakes, macarons, brownies and more — if you order early.
For The Love of Sugar is offering 10% off for Channel 7 viewers. Just mention this in-store through Feb. 7.
Next, we stopped to smell the roses at theThrifty Florist warehouse in Southfield.
Thrifty Florist has 16 locations in metro Detroit, and the warehouse is gearing up for the busy seasonal rush for flowers.
Thrifty Florist President Chris Rea says he's made some deals with trucking companies and vendors to cut costs — which will benefit his customers this Valentine's Day.
"We haven't raised our prices this year. We kept them the same as 2022," said Rea.
For those on a budget, Rea said he recommends a mixed bouquet or a flowering plant like a kalanchoe — which Thrifty Florist is selling for $14.99.
While roses remain the most popular Valentine's Day flower, he said you can save by buying a single-stem or making your own bouquet.
The three most affordable flowers, according to Rea, are carnations, daisies and baby's breath.
Ted Rossman, a senior industry analyst at Bankrate.com, recommends you make dinner reservations for another night besides the actual holiday or make dinner together at home, which will often save you money.
“How can people utilize their credit cards in a smart way to save money?" I asked.
"Credit cards can help you in two ways. One would be [using your credit card's] rewards. You may already be sitting on a stockpile of cash back, for instance, that you could redeem for a statement credit or for gift cards," Rossman said.
Rossman said another way is to check your credit card's limited-time offer program like AmEx Offers or Chase Offers, featuring deals you can earn by shopping with select merchants.
Finally, you can always try to use unused gift cards. "We found that about half of Americans have an unused gift card. The average value is $175," explained Rossman.
That amount could help pay for some or all of your dinner or Valentine's Day gifts.
The National Retail Federation reports the top five Valentine's Day gifts people plan to buy this year are:
- Candy
- Greeting Cards
- Flowers
- An Evening Out
- Jewelry
