Canadians expected to spend less on Valentine’s Day because of the low loonie

TORONTO (NEWS 1130) – It has been called a “corporate holiday,” one that only lines the pockets of those selling cards and chocolate — Valentine’s Day is right around the corner.

But there may be fewer Canadians rushing out to grab that last-minute box of chocolates. A new survey finds many of us plan to spend less this year on the romantic holiday.

“With the loonie down, people are spending a little less this year than they have in previous years. About 66 per cent [of people surveyed], in fact, said they’ll be spending less on gifts than they did last year,” says Kristen Larrea with RetailMeNot Inc., which conducted the survey.

“People are still celebrating, just in less extravagant ways.”

That’s especially true when it comes to ordering gifts online from the US, where that exchange rate really hurts.

The survey also found Canadians spend around $164 on per person on Valentine’s Day, with men ($219) significantly out-spending women ($109) on average.

Larrea says people are looking to get more personal when it comes to gifts this year.

“People are putting their money towards more experiential and personalized items. Make photo albums or even make a specially-embroidered pillow… you name it. So it’s a nice way to put a personal touch on a gift.”

Food seems to be a common theme when it comes to most couples’ plans.

“The number one way people intend to celebrate this year is by eating together. Whether that’s going out for a nice dinner or cooking in, a lot of Canadians are going to be celebrating their love with a nice meal,” says Larrea.

Dinner at a restaurant (21%), a home-cooked meal (20%) and a romantic night at home (17%) are the top three ways couples spend Valentine’s Day, according to the survey.