CLEVELAND — While many people view Valentine’s Day as a "Hallmark Holiday," it’s also an expensive one.

What You Need To Know

  • Americans are expected to spend $14.2 billion this Valentine's Day

  • Retailers have had to raise their prices due to supply issues 

  • Consumers will spend an average of $185 on the holiday this year, $8 more than the average Valentine’s Day spending over the last five years
 

According to a survey by the National Retail Federation, Americans will spend a record $14.2 billion on Valentine’s Day this year, and a big reason for that is the cost of some of the holiday’s most popular items.

“Valentine’s Day is a really fun and festive and a very hectic time for us,” said Mike Malley, the president and CEO of Malley’s Chocolate.

But it’s also a profitable holiday for Malley’s.

“The strawberries we’re selling for $29 per box, you get 10 delicious, gigantic, ruby red delicious strawberries,” Malley said.

Malley said chocolate-covered strawberries are his best seller this time of year.

But this year, they cost 50 cents more than they did a year ago.

“We’ve had to raise prices just to keep up with the rising commodity costs. Cocoa prices are at an all-time high right now throughout the world and so we’re not the only ones feeling the effects of that,” Malley said.

Jeff Zelmer, co-owner of Urban Orchid flower shop, said he has also had to raise his prices this year. 

“There have been a lot of issues with supply chain that have caused things to go up, so I would say about 10% over what they were the year before,” Zelmer said.

According to the National Retail Foundation, consumers will spend an average of $185 on the holiday this year, $8 more than the average Valentine’s Day spending over the last five years.

With products still in high demand, Zelmer has some advice for any procrastinator out there.

“Go out there. You still have a day left to buy your Valentine’s Day flowers and get ‘em ordered because people will run out shortly,” Zelmer said.