Spending on the holiday is projected to top $29 billion, even as many Americans question the occasion's true purpose.
82% of Americans believe Valentine's Day is a trick to encourage spending, yet 65% still plan to celebrate.
Personal finance expert Kimberly Palmer of NerdWallet said higher costs are driving up individual budgets.
"On average, people are spending about $200 this year on Valentine's Day, which is more than last year. It's $12 more than last year," Palmer said. "And the reason for that is because prices have gone up thanks to inflation and tariffs."
Several popular gifts have seen notable price increases. Flowers and candy are up 10%, wine has risen 11%, chocolate costs at least 30% more, and jewelry prices have surged by 40%.
Despite the rising costs, experts say there are ways to keep the holiday meaningful without overspending.
Doityourself options can help stretch a budget, such as assembling a bouquet from grocery store flowers rather than buying a florist arrangement.
Palmer said creative, personal gestures can go a long way. "So doing things like baking someone something, writing them a poem, creating a playlist for someone, there are fun things you can do that make someone feel special that don't cost a lot."
The trend extends beyond romantic relationships. More than a quarter of women plan to celebrate Galentine's Day on February 13, a day dedicated to honoring female friendships.