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[Survey] Canadians Should Spend $62.2 On Average For Valentine's Day in 2023

Will inflation have an impact on the budget allocated by Canadian lovers to Valentine's Day? Through an online survey conducted on HelloSafe's website during the month of January 2023 and to which 753 people answered, we bring here answers to that question.

Good to know

In 2023, Canadians will spend $62.2 on average for Valentine's Day, down 2.8% in comparison with 2022 ($64)
The Canadians' budget for Valentine's Day has declined by 33.8% since 2019, when it reached $94
63.3% of Canadian participants to Valentine's day say inflation will have an impact on their spending this year
This year, the number of Canadian participants to Valentine's Day considering having dinner outside is up 111%

2023 Canadians' Valentine's Day budget down 2.8% in comparison with 2022

For the fourth year in a row, the budget allocated by Canadian lovers to Valentines' Day should go down this year: $62.2 on average in 2023 against $64, e.g -2.8%. We observe that:

Canadians' budget allocated to Valentine's Day reached its highest point in 2019 ($94), and never stopped falling since then: -33.8% in total between 2019 and 2023
If the pandemic has badly impacted the 2020, 2021 and 2022 years, it seems that inflation is the major cause of the decline of Valentine's Day's budget this year in Canada.

Source : RCC until 2019, HelloSafe for 2020 to 2023

63.3% of Canadian participants to Valentine's day say inflation will have an impact on their spending this year

It is no secret that inflation is currently having a massive impact on Canadians' willingness to spend their money. When asked "Will inflation have an impact on your spending for Valentine's Day this year?", this is what the respondents to our survey said :

63.3% of them answered yes, and are considering to spend less this year for Valentine's Day
28.5% of them said that inflation will have no impact on their spending for Valentine's this year, and are considering to spend the same amount than in 2022
In total, 8.2% of our respondent even consider spending more than last year for that particular date.

Source : HelloSafe survey

In 2023, having dinner in a restaurant is considered by 27.5% of Canadians participants to Valentine's Day : +111% in comparison with 2022

What kind of spending are Canadian lovers considering this year for Valentine's Day? This is the question we asked in our survey, and here are two main trends we observe :

With the pandemic and its restrictions now far away, 27.5% of Canadian participants to Halloween consider having dinner in a restaurant this year : this represent a 111.5% increase in comparison with 2022!
Having a romantic dinner at home is still an option for 31.1% of our respondents celebrating Valentine's day this year: this is -20.3% in comparison with last year
Concerning the other kinds of spending, offering a gift is an option considered by 33% of our respondents (+3.1% in one year), while 18.7% of them consider offering flowers (+16.9%).

Source : HelloSafe survey

Methodology

In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.

This study in based on a survey conducted on HelloSafe's website during the month of January 2023 and to which 753 people answered from all across Canada, representative of the demographic and geographic diversity of the country.

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About HelloSafe Canada

HelloSafe is a leading platform for comparing financial products (insurance, credit, investments) in Canada. Powered by its unique and powerful technology, HelloSafe provides users with dozens of free and anonymous comparison tools, calculators and expert, up-to-date content. Its platform empowers users to make the best decisions for their wallets and find the right products at the right prices for them.

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