Roses are red, violets are blue and Valentine’s is pricier than we ever knew!
Valentine’s Day staples like flowers, chocolates, and a romantic dinner will cost more than in other years.
Chocolate prices
Chocolate prices have dramatically increased since the start of 2024. The price of cocoa has doubled from previous years. This is due to widespread bean disease damaging crops in West Africa.
81% of crops in Ghana, one of the world’s largest cocoa suppliers, suffered as a result.
This has placed a significant strain on small businesses, confectionaries and bakeries.
Big companies, like Nestle and Mars, can handle the costs but are producing smaller and smaller treats for a higher cost. In other words, they’re practicing shrinkflation.
A new survey by Caddle and the Retail Council of Canada showed that 37% of Canadians intend to celebrate Valentine’s Day. This reflects only a 1% drop from last year and a larger decline from 48% in 2023.
Average Valentine’s spend
On average, Canadians spent about $97.80 on Valentine’s Day in 2024.
This year, Canadians are expected to spend between $50 and $100 on gifts, dining, and other holiday-related items.
While Valentine’s Day has fallen out of favour for many, those who celebrate plan to spend just as much this year as they did last year.
Amidst Donald Trump’s tariff threats and Canada’s pre-existing economic strain, a renewed desire to support local Canadian companies has awakened.
Chloe Brown, owner of Cooookies With Us bakery in Ottawa told CTV: “We’ve had a couple of people come in—even to our bakery in Carleton Place—saying that they want to support local businesses and growing businesses.”
Tax break business boost
While controversial, Justin Trudeau’s tax break has reignited interest in dining out — which remains the most popular Valentine’s tradition with 4 in 10 people, or 41.1%, heading to restaurants on Feb. 14th.
Data from OpenTable shows an 18% boost in seated diners over the first two weeks of the tax holiday compared to last year. Ontario saw a significant 23% annual increase.
President and CEO of Restaurants Canada, Kelly Higginson, expressed that the tax holiday has been “really positive” for the food industry (Global News).
For more Valentine’s inspiration, find a Canadian-made gift guide, click here.
