SPRINGFIELD, Mass. (WWLP) – Valentine’s Day is next week, a day to gift to those you love,
but many consumers are still feeling the effects of inflation.
Sticker shock remains as prices of chocolate rise 12 percent and menu prices also increase to 8.3 percent. So, will these numbers hold consumers back from spending this year? 22News spoke with an economics professor at AIC to find out.
“I think people are just like everything else, they are worried about paying a lot more for what they used to take for granted,” said John Rogers, AIC Professor of Economics. “On the other hand, it looks like people are going to spend money.”
The National Retail Federation says more than half of consumers plan to celebrate. They predict people will be spending nearly 26 billion dollars on the holiday. That would be the second-highest-grossing season.