Spending on Valentine’s Day gifts in Australia this year is tipped to pass $500 million for the first time.
Research from the Australian Retailers Association (ARA) found 3.8 million Australians were planning to spend $535 million to give a gift to someone special in their lives on February 14.
ARA Chief Industry Affairs Officer Fleur Brown said this year’s spending was expected to be $70 million (15 percent) up on 2024.
Ms Brown said young people were embracing the event, with people aged 18-34 making up the majority of shoppers this year (27 percent).
She said most Valentine’s Day spending was set to take place in New South Wales ($210 million) with an average spend of $171 per person, followed by Victoria, with an expected spend of $140 million and an average spend of $150 per person.
“Despite challenging economic circumstances, Australians consistently look for opportunities to spoil their loved ones. We also know population growth plays a role in the growing spend.”
Ms Brown said traditional gifts were likely to be popular, with Australians saying flowers, food, chocolates and experiences (dinners/trips away) would be their gifts of choice.
She said the average man was projected to spend $162 on Valentine’s Day for a total spend of $375 million (up $20 million) while the average woman plans to spend $110 for a total spend of $160 million (up $50 million).
Most popular gifts this year for men:
- Flowers.
- Food/chocolate/alcohol.
- Experience (dinner/trip away).
Most popular gifts this year for women:
- Food/chocolate/alcohol.
- Flowers.
- Card.
