Australians are set to spend $415 million on Valentine’s Day gifts this year, with flowers, chocolates and jewellery the most popular items people will be getting their significant others.
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.
Flowers will be in hot demand, mentioned by 39 per cent of people who plan on buying a gift followed by chocolates/food and alcohol (28 per cent) and jewellery (nine per cent).
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.
Around a third of those surveyed say they plan to splurge more on gifts this year than they did 12 months ago with the majority (65 per cent) saying they’ll be spending about the same amount.
The bulk of the spending is set to be done by 25 to 34 year olds, who’ll spend $135 million, and 35 to 49 year olds who will spend $129 million.
ARA CEO Paul Zahra says unfortunately only eight per cent of those surveyed said they would be spending their Valentine’s Day dining out, reflecting the ongoing Covid concerns of consumers.
“There’s no doubt consumer confidence has been severely impacted by Omicron, but our research shows Australians will still be spoiling their loved ones this Valentine’s Day, with flowers and chocolates in high demand,” he says.
“For florists, this is their busiest day of the year and it would normally be for restaurants as well, however, the sector has been severely impacted by staff shortages, Covid isolations and people generally being more cautious with their social interactions.
“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. We encourage people to support their favourite restaurants whichever way they can, even if it means ordering in a romantic dinner at home.”
The research shows Valentine’s Day is a much bigger deal for younger Australians with 38 per cent of 18 to 24 year olds planning on buying a gift. However, that number tapers off in the older age cohorts―just seven per cent of people over the age of 65 plan to celebrate the day.
