Mexicans spend between 40% and 87% more on Valentine’s Day due to price increases

The mexicans will spend between 40% and 87% more for gifts and food for Valentine’s Day than what they would have invested just last January, revealed this Tuesday a study by the Laboratory for Analysis of Commerce, Economy and Business (LACEN) of the National Autonomous University of Mexico (UNAM).

According to the report published on the occasion of the celebration of this February 14, some products and services raised their prices, not only due to inflation, but also due to the start of greater demand in the market.

Among the products that increased their prices are the boxes of chocolate that between the last week of January 2023 and the second week of February increased 67%.

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In the same period, flowers increased their prices by 87% and stuffed animals by 45%, both are favorite gifts for lovers.

Meanwhile, restaurants had an increase of 63%, while hotels increased their prices between 50 and 80%.

“If we take the above into account, we can see a constant increase in products from the first week of February, in addition to the fact that most of the products are destined for the consumption of a female market”specified the LACEN report.

Likewise, he highlighted that, according to the Mexican Institute of Social Security (IMSS), there is a wage gap in terms of gender, since while men earn an average of 545.50 pesos (29.3 dollars), women are paid with 478.64 pesos (25.7 dollars).

It is for this reason, he said, that a man is more likely to allocate a larger budget for the purchase of gifts.

“However, it is expected that there will be equity and equality in the expenses of a couple or friendship,” narrowed.

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According to the data obtained by the organization, it is estimated that a Mexican, on average, will allocate between 400 (21.5 dollars) and 1,500 pesos (80.7 dollars) to buy gifts or plan an appointment.

“And if we take into account that it is not a fortnight (the periodicity with which salaries are paid), it is most likely that people should use their savings from the previous fortnight or use credit cards”accurate.

The spending will come amid headline inflation of 7.91% that Mexico posted in January, one of the highest price rises for the start of a year so far this century.

Despite this, merchants for more than 25,000 million pesos (1,344.8 million dollars), 13% more than the same date in 2022, estimated the Confederation of National Chambers of Commerce, Services and Tourism (Concanaco Servytur).

Source: EFE