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% of people who plan on buying a gift followed by chocolates/food and alcohol (28%) and jewellery (9%). 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%) saying they’ll be spending about the same amount.
The bulk of the spending is set to be done by 25–34 year old’s, who’ll spend $135 million- and 35-49 year old’s who will spend $129 million.
ARA CEO Paul Zahra said unfortunately only 8% 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,” 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 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% 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 to celebrate the day.
The ARA-Roy Morgan Snap SMS survey was conducted with an Australian-wide cross-section of 2,717 Australians aged 18+ on Wednesday January 19 – Thursday January 20, 2022.
ARA Media Team
T 0419 270 863
About us: The Australian Retailers Association (ARA) is Australia’s oldest, largest and most diverse retail body, representing a $360bn sector which employs 1.3 million Australians. As Australia’s peak retail body, representing more than 100,000 retail shop fronts, the ARA informs, advocates, educates, protects and unifies independent, national and international retail members. To learn more about ARA’s exclusive benefits and more, visit www.retail.org.au