Consumers get frugal for Valentine's Day

Valentine's Day splurging is so last year.

The current recession and a loss of more than 2 million jobs has made home-cooked candlelit dinners, handmade cards and a bit of creativity all the rage. Don't expect diamonds or special-delivery flowers this year.

According to Brand Keys in New York, a brand and customer loyalty consulting company, Valentine's Day spending is expected to decrease about 15% this year. This year's special day will fall on a Saturday, leaving florists in the dirt. No one will be ordering flowers for the office.

For those still set to celebrate a night out, hotels and restaurants are lowering prices and are offering special discounts and promotions. The Associated Press reports The Ruth's Chris Steak House is offering a special three-course meal, called "Ruth's Classics". The price? $40, much less than last year's $150 special for two or the average $75 dinner check. A three-star hotel in Miami's South Beach will be $136, and a three-star hotel in New York's trendy SoHo will be $96. Mark Lomanno, president of Smith Travel Research shows this holiday weekend is set to bring in an additional $250 in U.S. hotel revenue.

What else is a consumer to do? Get creative. The Star Tribune reports Ruth Hayden, a Twin Cities-based financial educator is picking another day in order to save money. She wants to celebrate, and is going to beat the system.

Gas prices and electric bike sales climb

You are environmentally friendly, and you are about to go out with your friends. You're not about to sweat it up on your bicycle.

Alternative? Grab your electric bike.

The Associated Press shows that with the rising cost of gas, and more people wanting to go green, people are looking towards electric bikes as a step in the right direction.

Electric bikes act as a two wheeler with a battery powered assist, combining old-fashioned pedaling with a battery powered motor. You don't need a license or registration, so long as you don't ride more than 20mph. Most models can ride for at least 20 miles before they need to be recharged.

Gluskin-Townley Group does market research for the national bike dealers association, and estimates 10,000 electric bikes were sold in the U.S. in 2007, up from 6,000 in 2006. "The electric bikes are the next big thing," says Frank Jamerson, a former GM corp exec turned electric vehicle guru.