HOUSTON, Feb. 9, 2021 /PRNewswire/ -- Versions of Valentine's Day have been around for hundreds of years, and yet even in the face of COVID-19, many popular retail expressions of affection have seen price increases since February 14, 2020.
How much? While the prices of some items remained unchanged, you can expect to pay 41% more to share a bottle of Russia River Valley – Simi Chardonnay (which jumped from $36.00 to $51.00) this year, according to Allworth Financial's (formerly Houston Asset Management) 2021 "Cost of Loving Index."
The "Cost of Loving Index," which tracks the year-to-year price changes on nine popular Valentine's Day gift items, was initiated 31-years ago. Houston Asset Management wanted to create an interesting and memorable way to communicate to clients how inflation and discretionary spending impact savings.
"After 31 years, there is still so much interest in the Cost of Loving Index," said Bob Frater, CFP®. "Our clients, business associates and friends look forward to it every February. And although it is not a scientific study, we have found that it tracks closely to the Consumer Price Index, which is not at all surprising."
Aside French oak barrel-aged Chardonnay, overall, the 2021 "Cost of Loving Index" shows that gifts of affection have gone up about 3% percent total over the last five years.
However, when it comes to how much popular Valentine's Day expressions of affection cost, not all the news is bad. A candlelight dinner out for two ($340.54) remained the same, year-over-year, and the price of a dozen long-stemmed roses fell 26% from 2020. Meanwhile, a heart-shaped box of Godiva chocolates ($99.95) and a one-ounce bottle of Chanel No. 5 ($360.54) perfume also remained the same.
Due largely to the pandemic and high unemployment, the National Retail Federation (NRF) predicts a significant decrease (from $196.31 down to $164.76) for Valentine's Day expenditures for 2021. This marks only the second decline in spending for the occasion in the last 12 years.
"I know we are all looking forward to getting things back to normal for 2022," said Frater.
For more information about Allworth Financial, visit www.AllworthFinancial.com.
About Allworth Financial.
With its direct and educational approach to advising, Allworth Financial is a full-service independent investment financial advisory firm that specializes in retirement planning, investment advising, tax planning & preparation, estate planning, and 401(k) management. With $10 billion in AUM, Allworth delivers long and short-term investment planning solutions and guidance to help clients achieve their goals and plan strategically for retirement. Allworth Financial's Houston office is located at 1800 West Loop S, Ste 1980, Houston, TX.
Highlights of the 2020 "Cost of Loving Index" by Houston Asset Management
- Luscious bites: A heart-shaped box of Godiva chocolates has cost the same $100 since 2013.
- Roses are red: A dozen long-stemmed roses delivered to your sweetie will cost $114.20.
- The price of a designer silk tie is up $30.00 from 2020 to $225.00.
- Floral fragrance: At $340, a one-ounce bottle of Chanel No. 5 perfume has not increased in price in- three years. (The price of the well-known perfume jumped 14 percent in 2013 when Brad Pitt was its celebrity spokesperson.)
- Pop a cork: A bottle of Russian River Valley - Simi Chardonnay, at $51.00, costs $25 more than it did in 1990.
- Of the nine items on the list, five increased in price, three remained the same, and one (long-stemmed roses) decreased in price when compared to 2020.
Contact: Sean Harvey
Email: [email protected]
SOURCE Allworth Financial