Valentine’s Day set to bring $485m spending boom as lovers celebrate their freedom

Australians are set to splash out $485 million in the name of love this year (up 16.9% on 2022), with date nights and getaways showing a strong resurgence post-pandemic and flowers remaining a cornerstone of Valentine’s Day gift-giving.

Research from the Australian Retailers Association (ARA), in conjunction with Roy Morgan, shows Australians will this year be spending an average amount of $118 each on their gifts (up 6.3% year on year).

Flowers will be in hot demand, identified by 42% of people who plan on buying a gift followed by chocolates/food (29%), sex toys/other toys (7%) and dining out/getaways (7%).

Consumers in NSW are predicted to spend $155 million on their Valentine’s Day gifts, with Victorians to spend $105 million and Queenslanders $85 million.

The bulk of the spending is set to be done by 18-34 year olds, who’ll spend $215 million, followed by 35-49-year olds who will spend $140 million.

ARA CEO Paul Zahra said the ‘freedom spending’ phenomenon has resurfaced as couples celebrate their first restriction-free Valentine’s Day since 2020.

“We’re expecting a $485 million romantic spending splurge this year, with Australians taking advantage of long sought-after freedoms to spoil their loved ones with gifts, intimate date nights and getaways.

“For couples who have begun a relationship in the last three years – this will be the first opportunity for them to celebrate Valentine’s Day without limitations.

“Flowers remain the go-to gift, cementing their status as a staple of the Valentine’s Day experience. They’re a sentimental token of love and affection that can be customised and tailored to fit any budget.

“The supply of flowers has been at the mercy of weather events and pandemic-driven supply chain disruptions in recent years, but we expect those issues will be somewhat lessened this year.

“Sensory indulgence is certainly a theme this year, with dining, getaways and sex toys rounding out the top gifts.

“Other hot ticket items include watches, lingerie and Airpods. One of the notable gifts recorded was a $350,000 Lamborghini – someone’s going to have a great Valentine’s Day.”

Despite economic headwinds, 89% of respondents say they will spend either more (25%) or the same (64%) as a year ago.

The ARA-Roy Morgan Snap SMS survey was conducted with an Australian-wide cross-section on Tuesday January 24 – Wednesday January 25, 2023. 

 

ENDS

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M 0434 381 670

E media@retail.org.au

About us: The Australian Retailers Association (ARA) is the oldest, largest and most diverse national retail body, representing a $400 billion sector that employs 1.3 million Australians and is the largest private sector employer in the country. As Australia’s peak retail body, representing more than 120,000 retail shop fronts and online stores, the ARA informs, advocates, educates, protects and unifies our independent, national and international retail community. To learn more about ARA’s exclusive member benefits and more, visit retail.org.au

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