Love is in the air: Valentine’s Day set to bring $485m spend

A holiday with centuries of history, Australians love to spread the love on Valentine’s Day. The successful commercialisation of the holiday sees millions of dollars spent across the country. According to research from Roy Morgan and the Australian Retailers Association (ARA), Australians are set to spend $485 million on Valentine’s Day this year, up 16.9 percent on 2022.

ARA CEO Paul Zahra said the ‘freedom spending’ phenomenon has resurfaced as people 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.

“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 percent of respondents to the Roy Morgan survey say they will spend either more (25 percent) or the same (64 percent) as a year ago. Australian lovers will this year be spending an average amount of $118 each on their gifts. Flowers will be the number one gift as usual, identified by 42 percent of people who plan on buying a gift followed by chocolates/food at 29 percent, sex toys/other toys at 7 percent, and dining out/getaways also at 7 percent.

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, followed by 35-49-year old’s who will spend $140 million.

For those of you needing a reminder to preorder flowers (or a Lamborghini) – Valentines Day lands on Tuesday, February 14.

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