Research by Roy Morgan – in conjunction with the Australian Retailers Association (ARA) – has shown Australians are set to spend $415 million this Valentines Day.
According to the research, Australians will spend an average of $111 on gifts, with flowers, chocolate and jewellery being the most popular Valentines items.
Unsurprisingly, flowers will be sought by 39% of those planning to buy a Valentines gift, with a further 28% naming food and alcohol, and 9% planning to splurge on jewellery. Consumers in NSW are set to spend $126 million on their Valentines Day gifts, with Victorians to spend $107 million and Queenslanders $77 million.
Most of the spending will be attributed to the 25-34 year-old group, who will spend $135 million, closely followed by the 35-44 year-old group, who will spend $129 million.
A third of those surveyed planned to spend more on gifts compared to last year, while 65% said that they would spend about the same amount. Notably, most people intended to spend their Valentines Day at home, with only 8% planning to dine out, which may be linked to consumer’s concerns about the ongoing Omicron outbreak.
ARA CEO Paul Zahra said: “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,” Mr Zahra said.
“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 a bit 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 disappointing. We encourage people to support their favourite restaurants whichever way they can, even if it means ordering in a romantic dinner at home.
“Valentine’s Day is a much bigger deal for younger Australians with 38% of 18-24 year old’s planning on buying a gift. However, that number tapers off in the older age cohorts. Just 7% of people over the age of 65 plan on celebrating the day, so perhaps the significance of Valentine’s Day wares off the older you get and when you’re in a long, comfortable relationship!”