Love is in the air this year, even if Cupid is pinching his pennies.

Florists, jewelers, restaurateurs, chocolatiers and other Valentine's Day-dependent retailers report that consumers are still celebrating their beloveds in spite of the worst economic downturn in a generation. They're just celebrating on a budget.

Indulgences, Etc. in downtown expects to sell fewer of the $35 to $45 boxes of Belvedere chocolates and more in the mid-$20s range. Denver florist Bouquets offered customers free delivery for arrangements sent during the week, and Barolo Grill knocked $6 per person off its six-course Valentine's Day tasting menu from last year's $85 price.

"People aren't in an extravagant mood this year. It doesn't feel right," said Blair Taylor, owner of Barolo Grill. In response to shifting sentiment, the restaurant pared down the amount of foie gras, lobster and caviar in its Valentine's Day offerings.

Consumers expect to spend about $20 less on Valentine's Day gifts and merchandise this year for an average of $102.50 per person, according to the National Retail Federation. That's the least consumers have spent since 2003.

The pullback comes as January marked the fourth consecutive month of year-over-year declines for retail sales, according to the International Council of Shopping Centers. Economists don't expect the trend to end anytime soon.

Valentine's Day is particularly important for florists, marking the single biggest day for the nation's 18,000 flower shops, according to Jennifer Sparks, spokeswoman for the Society of American Florists.

"If a florist is teetering because of the economy, Valentine's Day is the make-or-break day for their business," said BJ Dyer, co-owner of Bouquets, which has stores in lower downtown, Lakewood and Beaver Creek.

This year's timing of Valentine's Day on a Saturday poses both a challenge and an opportunity for florists. Many Valentine's Day orders are delivered during the weekday at the office because people "want to publicly express their love," Dyer said.

Bouquets waived the $7.95 to $12.95 delivery charge this year to encourage customers to send flowers during the workday.

While a dozen long-stemmed roses still remains "the gold standard" for Valentine's bouquets, Sparks said, many florists this year are acknowledging the recession by promoting lower-priced arrangements or tossing in free boxes of chocolate.

Saturday is a less than ideal day for restaurants as well, since tables are easiest to fill on weekends even in a recession. Valentine's Day is the second-most popular day of the year to dine out, after Mother's Day, with more than one-third of Americans visiting a restaurant. The average couple spends $62 on their meal, according to the National Restaurant Association.

"If restaurants could legislate what day Valentine's Day falls on, they'd legislate it to be on a Wednesday," said restaurant consultant John Imbergamo.

Many of the city's top dining establishments including Rioja, Restaurant Kevin Taylor, Luca D'Italia and Flagstaff House have been booked for weeks, according to OpenTable. Barolo Grill booked its prime-time seating more than a month ago, with the less popular earliest and latest seatings filling up about two weeks ago, Taylor said. That's about in line with past Valentine's Day reservations.

Boston's Pizza, which has restaurants in Highlands Ranch and Grand Junction, is going for a decidedly less formal diner with its annual heart-shaped pizza promotion. Most of the customers are younger couples who order the pies, priced from $6.99 for an individual to $17.99 for a medium with several toppings, to share in the restaurant, said Leo Valdespino, general manager of Boston's Highlands Ranch store.

"With the economy being what it is this year, a lot of people want a meal instead of something (like flowers) that might die in a couple of days," he said.

Foster & Son Fine Jewelers in Cherry Creek North is bracing for a slow Valentine's Day. In the store's 50-year history, a sluggish Christmas season always has been wiped away by a brisk Valentine's. But this year might be the first to break that pattern, said Brien Foster, co-owner of the store who took over the business founded by his mother, Patty. Foster & Son so far has been able to offset its slower sales with an uptick in repairs.

"This year certainly has been different. I can't imagine you would talk to anyone who hasn't said that," Foster said. "But I have every intent of celebrating year 51."

davisj@RockyMountainNews.com or 303-954-2514.