Australians are set to spend $485 million this Valentine’s Day (up 16.9% on 2022), according to new research.
The research from Australian Retailers Association (ARA), in conjunction with Roy Morgan, suggests that consumers will spend an average of $118 each on their gifts (up 6.3% year on year).
Flowers will be in “hot demand”, identified by 42% of respondents who plan on buying a gift. This is followed by chocolates/food (29%), sex toys/other toys (7%) and dining out/getaways (7%).
Consumers in NSW are predicted to spend $155 million on their Valentine’s Day gifts, with Victorians to spend $105 million and Queenslanders $85 million.
The bulk of the spending is set to be done by 18-34 year old’s, who’ll spend $215 million. This is followed by 35-49-year old’s who will spend $140 million.
ARA CEO Paul Zahra says the ‘freedom spending’ phenomenon has resurfaced as couples celebrate their first restriction-free Valentine’s Day since 2020.
“We’re expecting a $485 million romantic spending splurge this year, with Australians taking advantage of long sought-after freedoms to spoil their loved ones with gifts, intimate date nights and getaways,” he says.
“For couples who have begun a relationship in the last three years, this will be the first opportunity for them to celebrate Valentine’s Day without limitations.
“Flowers remain the go-to gift, cementing their status as a staple of the Valentine’s Day experience. They’re a sentimental token of love and affection that can be customised and tailored to fit any budget.
“The supply of flowers has been at the mercy of weather events and pandemic-driven supply chain disruptions in recent years, but we expect those issues will be somewhat lessened this year.
“Sensory indulgence is certainly a theme this year, with dining, getaways and sex toys rounding out the top gifts.
“Other hot ticket items include watches, lingerie and Airpods. One of the notable gifts recorded was a $350,000 Lamborghini – someone’s going to have a great Valentine’s Day.”
Despite economic headwinds, 89% of respondents say they will spend either more (25%) or the same (64%) as a year ago.