Inflation breaking hearts? 💔
Couples may be more boring than their single mates, but even go-it-aloners with only this to look forward to on Valentine’s Day might be breaking retailers’ hearts. 💔 According to Trustpilot, inflation could be trying to break up the 2023 love story. They asked Americans whether they’ll spend on romance this year and 41% said ‘love isn’t in the budget’ at all this V-Day, with 23% ‘on the fence’. Of those whipping out the wallet, 66% plan to spend less. And only a quarter of Kiwis are saying it with flowers this year. 🥀
Forbes painted a slightly rosier picture with plenty planning a Valentine’s flex. 😍 Forty percent say they’ll spend more than last year, with Gen Zers and Millennials the most generous at 59% and 44% respectively. Perhaps not surprising with younger people embracing buy now pay later (BNPL) to treat partners (which comes with its own red flags 🚩🚩🚩).
It may be heartbreaking news for those looking for a Hershey’s (HSY) kiss, however. 💋 According to The Balance, choccie treats cost 12% more today than last Valentine’s Day. Fancy dinner dates may be off the menu too. Increased labour and ingredient costs has hiked the price of eating out, typically 8.2% more than a year ago. And while they’re popular dining options amid recessionary fears, fast food dates at McDonalds (MCD) and Taco Bell (YUM) might be a fast-track to singledom for wannabe cupids. 🌮
It could be good news for 1-800-Flowers.Com (FLWS) though, with the cost of a dozen red roses in the US down a surprising 5% on last year. 🌹 And Victoria's Secret (VSCO) Galentine’s inclusive body campaign may be as much a hit with shoppers as it’s been for investors, who’ve seen share values increase 26.6% this year (YTD).
Warner Bros (WBD) may want daters to pony up for Magic Mike’s Last Dance to bump up their US$8.2 million slow Super Bowl Weekend takings. And the world’s largest diamond jewellery retailer, Signet Jewelers (SIG), which has seen revenues up 33% from pre-pandemic levels and tripled profitability, may be hoping for a bumper night of people popping the question. 💍
For Kiwis battening down the hatches, however, perhaps the most generous way to show love this year might be buying a dozen eggs? 🥚
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