Local 12: Valentine’s Day spending hits record high
UC economist says consumers continue to spend despite rising costs
Valentine’s Day costs are higher than ever, Local 12 reported, but a University of Cincinnati economist said most people are still spending.
David Brasington
Americans are expected to spend approximately $26 billion this Valentine’s Day, according to the National Retail Federation, which is an increase of approximately $1 billion compared to last year. The cost of jewelry, chocolates and meals at restaurants all have spiked in the past year.
"Prices went up 6.5% over last year, and wages went up 4.4%, so prices are rising faster than wages so people's real purchasing power continues to decline, but people are still spending," David Brasington, PhD, a professor and the James C. and Caroline Kautz Chair in Political Economy at the University of Cincinnati Carl H. Lindner College of Business, told Local 12.
There are ways to decrease the sting of inflation, Brasington said, such as celebrating at home. The price of sirloin steak has actually decreased in the past year, and prices for bottles of wine are only up about 3.5%.
Still, many people are willing to spend a little extra for experiences now after the COVID-19 pandemic disrupted plans in recent years.
"People are switching their consumption from goods and services, including travel and meals, things that they sort of have a pent-up demand for, what they could what they couldn't do during COVID or lockdowns," Brasington said.
Featured image at top courtesy of Unsplash.
Impact Lives Here
The University of Cincinnati is leading public urban universities into a new era of innovation and impact. Our faculty, staff and students are saving lives, changing outcomes and bending the future in our city's direction. Next Lives Here.
Related Stories
What would expanded access to GLP-1s mean for the obesity rate?
December 4, 2025
The World Health Organization recently issued its first guidance on GLP-1 medications for adults with obesity — recommending long-term, continuous use when clinically appropriate. Malti Vij, MD, University of Cincinnati adjunct associate professor in the College of Medicine's Department of Internal Medicine, appeared on Cincinnati Edition on 91.7 WVXU News to discuss GLP-1s and what expanded insurance coverage of the medications might mean for Americans.
Teaching empathy and courage
December 4, 2025
Two University of Cincinnati co-op students engage children in hands-on “Superhero Activation” activities at the Nancy & David Wolf Holocaust & Humanity Center, helping young visitors learn kindness, courage and how to be upstanders.
Cincinnati takes the lead in health care innovation
December 3, 2025
Health care innovation shone at the 1819 Venture Lab’s Demo Day, which showcased products that could revolutionize patient care and improve treatment experiences.