After agonizing for weeks over what to give his girlfriend this Valentine's Day, Beijinger Li Mingyu, 27, decided on the "perfect present for the season" - a personalized notebook carrying all 99 cell phone text messages he exchanged with his 26-year-old partner Wang Min over the last year, topped with a nice meal at home to share their "sweet memories".

"I am sure this is going to be a different, less costly present for Wang, compared with the pricey flowers I spent 800 yuan ($117) on last year," the consultant at a Beijing-based management consultancy company told China Daily on Friday.

From home-cooked meals to rock-bottom bouquet deals, many young Chinese like Li and retailers in major cities such as Beijing and Shanghai are celebrating this year's Valentine's Day with tightened belts and purse strings amid the global financial crisis.

Shanghai resident Wu Zhen, 35, said he and his wife don't plan to step out of their apartment at all on Valentine's Day - breaking their annual habit of eating at fancy restaurants and showering each other with luxury goods.

With the economy "getting worse", Wu, who works at a design consulting firm, and his wife, who runs a small garment shop, are also cooking a simple meal at home.

"I was told I would not be getting any pay rise this year," Wu said. "My wife's shop has been seeing declining sales. We need to be careful with spending."

Lu Xueyu, 29, a manager at a Beijing-based IT firm, plans instead to give his girlfriend cash this year so that she can "buy whatever she likes".

"This works better than a bunch of roses, which don't last long, " Lu said.

Jackie Wen, 33, self-employed in the Beijing art industry, has been flying to Birmingham, England for the past few years to spend Valentine's Day with her boyfriend Peter Lee, a research fellow at an English university. That annual trip won't happen this year.

"I will spend time with Peter chatting online via a webcam instead," Wen said. "That will save me a lot of money."

Retailers and restaurants have also been adjusting to the financial downturn with huge discounts and deals to keep lovers allured.

"There is a slight downturn in our flower business. We have been selling our rose bouquets for 200 to 400 yuan this year. But more expensive flowers like luxury roses are being left on shelves as purchasing power continues to plunge," said a florist surnamed Liu at a flower shop in Beijing's Big Woods Flower Market in Haidian district on Friday.

Similarly, a gift shop owner in Shanghai's North Shaanxi Road said orders for roses dropped 20 percent from last year. "Fewer people are asking for fancy bouquets," owner Yue Xuefei said.

Restaurants that have traditionally seen brisk business during this time are also going all out to woo diners.

Taverna, a Spanish and Mediterranean restaurant of 40 tables near the popular Worker's Stadium entertainment area in Beijing's Chaoyang district, is offering a four-course dinner package priced at 628 yuan for two.

The restaurant's manager Andero Fu said a disappointing reservation rate this V-Day has left at least 20 percent of the tables empty.

"We understand this is a hard year for us as well as our customers, so we are presenting complimentary gifts for the ladies when diners choose our 'Valentine's meals'," he said.

As for romantic outings on this occasion, young couples like Lu Xueyu and his girlfriend are also stretching their yuan to the fullest.

"Instead of going to expensive venues for entertainment last year, we are planning to spend some time together by visiting a free-entry art exhibition," Lu said.

But Anita and Siu Fong, a Hong Kong couple, treasure the time to enjoy a romantic night and would not tighten their budget.

"There is only one Valentine's Day a year. I think restaurants and shops would not be expensive amid the financial turmoil, so I'm not worried at all," said Anita.

They will have a fine dinner at a hotel on Friday night.

(China Daily February 14, 2009)