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Despite its box office success, earning nearly $32 million, "Can't Buy Me Love" received harsh criticism from outlets like The New York Times and Roger Ebert, both expressing disappointment with the film’s lack of depth regarding social themes and teenage struggles. However, many viewers found a relatable narrative encapsulating the highs and lows of high school life.
The film has since surfaced as a nostalgic favorite, ranking among various lists of best high school comedies over the years. Its exploration of the superficial aspects of popularity and acceptance resonates with those who have experienced the social stratification present in high school environments.