Love can be expensive, and — sorry men — the bar for wooing the woman of your dreams this Valentine’s Day has been raised. Get ready to open up that wallet.

This year IBIZ World expects total Valentine’s Day spending to increase 3.3 percent compared with 2009. Collectively U.S. lovers will spend $17.6 billion this year, up from the $17 billion spent in 2009, according the IBISWorld annual holiday sales forecast.

Looks like the economy is out as an excuse this year. But, because Valentine’s Day falls on a Sunday, you may have another built-in excuse, for once again skipping the diamonds.

IBIZ World anticipates consumers will move from traditional gift giving toward dining out. The forecast estimated $8.5 billion would be spent at restaurants, up 8.2 percent from 2009.

“Because Valentine’s Day lands on a Sunday, restaurants are likely to gain traffic throughout the entire weekend,” said Toon van Beeck, senior analyst with IBISWorld in a release.

Though a romantic Sunday dinner replacing a box of chocolates is good for the restaurant industry, it could mean a hit for the retail industry. The forecast predicts a 4.9 percent decline in flower sales, a 4.6 percent decline in jewelry sales, and a 1.3 percent decline in candy sales.

According to the forecast, men typically buy candy, flowers and jewelry during the week, but won’t likely feel the pressure to buy these discretionary goods because the holiday is on Sunday, and a nice dinner could supplant the other items.

The forecast, however, does predict a 2.3 percent increase in romantic getaway spending and a 1.8 percent increase in spending on greeting cards.

Oh, and in case you were wondering, no, the recession won’t hurt sales of clothing and intimate apparel, which are predicted to increase 1.8 percent.

So breathe easy, men. Diamonds may be out of the price range this year, but a romantic Sunday dinner off the McDonald’s dollar menu might suffice.

Unless, of course, you were expecting your loved one to make a purchase of intimate apparel.