A report from Roy Morgan and the Australian Retailers Association suggests Australians are expected to spend $415 million on Valentine’s Day this year, with the average individual expected to spend $111.00.
According to the report, 39% will purchase flowers, 28% chocolate, food and alcohol and 9% will purchase jewellery.
In Australia, roughly a third of consumers said they would be increasing their Valentine’s Day spend compared to last year, but the majority (65%) said they would be spending the same amount.
Valentine’s Day gifting is more prevalent with younger Australians. 38% of 18-24 year old’s plan to buy a gift, while only 7% of people over 65 plan to celebrate the day.
In the U.S. the Valentine’s Day bounty expects to take a hit this year, with surveys suggesting the usual gifts will be replaced by home-cooked meals and takeout.
As a result U.S. brands started selling Valentine’s Day items much earlier in the year, an advertising strategy employed with Black Friday and Christmas sales in 2021.