Australians are expected to spend a record $535 million on Valentine’s Day presents for their loved ones this year.
According to the Australian Retailers Association, 3.8 million Australians intend to buy gifts for their special people this year, spending $70 million (up to 15 per cent) on last year. This marks the first time that Valentine’s Day spending has exceeded $500 million.
Traditional gifts – including flowers, food and chocolate – will be popular, with people aged 18 to 34 accounting for 27 per cent of spending.
“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,” said ARA chief industry affairs officer Fleur Brown.
“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.”
Brown noted that retailers would welcome the shopping boost “as a small, sweet spot in what promises to be another intense year”.
The ARA also anticipates that people in NSW will spend the most on Valentine’s Day, with $210 million – an average of $171 per person – followed by Victoria, at $140 million with an average spend of $150 per person.
