Love hurts wallet, not heart
Photo: Contributed
Falling in love hurts the wallet more than the heart.
That’s according to Ross Hickey, assistant professor of economics at UBC’s Okanagan campus.
The average Canadian plans to spend $164 on Valentine’s Day this year, says a survey done by RetailMeNot.ca.
Popular gifts include jewelry, which most consumers will spend $190 on, tickets to an event or show for $76, flowers for $40 and candy or chocolate for $18.
“What I would recommend as the better purchase is not necessarily the classic Valentine’s Day merchandise,” said Hickey. “You should invest in something that your significant other really enjoys, because those goods or services may not experience a surge in price.”
Social media has had a heightened impact on the special day in recent years.
“Imagine waking up on the west coast and logging onto Instagram, seeing east coast friends, family, retail companies and celebrities boasting about their Valentine’s Day celebrations,” he said.
“You see it, your partner will likely experience it too, and the effect of this may lead to engaging in more costly displays of affection, than what’s desired.”
Hickey adds that the first Valentine’s Day is often the hardest for new couples as expectations are something you have to either meet or exceed.
Hickey’s advice is don’t overthink it.
“Matters of the heart are best evaluated without an economists’ lens.”
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