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Couples may be more boring than their single mates, but even go-it-aloners with only this to look forward to on Valentineās Day might be breaking retailersā hearts. š According to Trustpilot, inflation could be trying to break up the 2023 love story. They asked Americans whether theyāll spend on romance this year and 41% said ālove isnāt in the budgetā at all this V-Day, with 23% āon the fenceā. Of those whipping out the wallet, 66% plan to spend less. And only a quarter of Kiwis are saying it with flowers this year. š„
Forbes painted a slightly rosier picture with plenty planning a Valentineās flex. š Forty percent say theyāll 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 š©š©š©).
It may be heartbreaking news for those looking for a Hersheyās (HSY) kiss, however. š According to The Balance, choccie treats cost 12% more today than last Valentineās 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 theyāre 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. š®
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. š¹ And Victoria's Secret (VSCO) Galentineās inclusive body campaign may be as much a hit with shoppers as itās been for investors, whoāve seen share values increase 26.6% this year (YTD).
Warner Bros (WBD) may want daters to pony up for Magic Mikeās Last Dance to bump up their US$8.2 million slow Super Bowl Weekend takings. And the worldās 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. šĀ
For Kiwis battening down the hatches, however, perhaps the most generous way to show love this year might be buying a dozen eggs? š„
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Weāre not financial advisors and Hatch news is for your information only. However dazzling our writing, none of it is a recommendation to invest in any of the companies or funds mentioned. If you want support before making any investment decisions, consider seeking financial advice from a licensed provider. Weāve done our best to ensure all information is current when we pushed āpublishā on this article. And of course, with investing, your money isnāt guaranteed to grow and thereās always a risk you might lose money.
