Australians are set to spend $415 million on Valentine’s Day gifts this year, with a third expected to spend more on gifts this year than they did 12 months.
Research from the Australian Retailers Association (ARA), in conjunction with Roy Morgan, shows Australians will be spending an average amount of $111 on their gifts.
The bulk of the spending is set to be done by 25-34 year old’s, who’ll spend $135 million, and 35-49 year old’s who will spend $129 million.
Say it with flowers – and food
Flowers will be in hot demand, mentioned by 39% of people who plan on buying a gift followed by chocolates/food and alcohol (28%) and jewellery (9%).
ARA CEO Paul Zahra says only 8% of those surveyed said they would be spending their Valentine’s Day dining out, reflecting the ongoing Covid concerns of consumers.
“We’re unlikely to see the usual volumes of people going out for their Valentine’s Day dinner dates, which is another blow for small businesses in the hospitality sector,” he said.
“We encourage people to support their favourite restaurants whichever way they can, even if it means ordering in a romantic dinner at home.”
Consumers in NSW are predicted to spend $126 million on their Valentine’s Day gifts, with Victorians to spend $107 million and Queenslanders $77 million.
The research shows Valentine’s Day is a much bigger deal for younger Australians: 38% of 18-24 year old’s planning on buying a gift compared with just 7% of people over the age of 65.
The ARA-Roy Morgan Snap SMS survey was conducted with an Australian-wide cross-section of 2,717 Australians aged 18+ on Wednesday January 19 – Thursday January 20, 2022.