Valentine’s Day is a star date on the nation’s gifting calendar. According to the Australian Retailers Association (ARA), in conjunction with Roy Morgan, Aussie romantics are set to spend $415 million on their beloveds.
Flowers and chocolates top the intended purchase list, with cosmetics and fragrances ranking number 8 in popularity.
Twice the number of men than women will be plumping for scents and cosmetics and there are clear differences between the major age groups. More people aged 35 to 49 are thinking of beauty buys, by contrast to those aged 25 to 34 and 50 to 64.
More than a third of respondents in the survey said they planned to spend more on Valentine’s Day this year than last year and 65 per cent revealed they would be spending the same amount.
Consumers in NSW are the most generous with their tokens of appreciation and affection with an estimated spend of $126 million, followed by Victoria at $107 million and Queensland at $77 million.
The average spend is predicted to be a not-too-shabby $111 and 25 to 34 year olds are expected to account for the highest percentage of overall spend at $135 million. Older Millennials and Gen Xers are on track to fill second position with a layout of $129 million.
Paul Zahra, CEO of the ARA, noted that only 8 per cent of those surveyed intended to treat their significant other to a romantic dinner. “There’s no doubt consumer confidence has been severely impacted by Omicron, but our research shows that Australians will still be spoiling their loved ones on Valentine’s Day.”
Valentine’s Day is a much bigger deal for younger Australians with 38 per cent of 18 to 24 year olds planning to buy a gift, he adds. “However, that number tapers off in the older age cohorts. Just 7 per cent of people over the age of 65 plan on celebrating the day”.
But love endures for many seniors. More than 10 per cent of people surveyed aged 65-plus plan to buy fragrance or skincare for Valentine’s Day.
The survey also tracked thoughts on Notable Gifts above the $200 mark. Among the 15 top choices, a couple’s trip to a spa ranked second, a weekend retreat and massage for two filled the fourth slot and expensive perfume made the cut at number thirteen.