Love is in the air for Australians as shoppers wear their hearts on their sleeves and prepare to spend a record $535 million on Valentine’s Day gifts for their loved ones.
Hearts are on fire across the nation, with 3.8 million Australians planning to buy gifts for the special someone in their lives this year, spending $70 million on gifts (+15%) more than last year. This is the first-time spending on Valentine’s Day has surpassed $500 million.
Love-struck youngsters are embracing the event, with people aged 18-34 making up the majority of shoppers this year (27%).
Most Valentine’s Day spending is 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.
Traditional gifts are likely to be popular, with Australians saying flowers, food, chocolates and experiences (dinners / trips away) will be their gifts of choice. One shopper is breaking the mould saying they will buy their partner a robot lawn mower, valued at $3,500.
The average man is 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).
ARA Chief Industry Affairs Officer Fleur Brown says as tough times continue for many; Aussies are prioritising experiences with their loved ones.
“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.
“Valentine’s Day is a chance to share a special moment with a nearest and dearest, by buying gifts and enjoying some time together over a dinner or during a trip away.
“Retailers will welcome this $535 million shopping boost, as a small, sweet spot in what promises to be another intense year.
“Despite an increase in Valentine’s Day spending, tough trading conditions remain constrained overall, with subdued spending and high costs of doing business.
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
