NATIONAL: Clothing and intimate apparel brands are expected to reap the benefits of increased spending over Valentine's Day, according to industry analysts.
Business information firm IBISWorld predicts consumers will spend a total of $867.3 million on February 14, a rise of 2.7 per cent from last year.
IBISWorld general manager Robert Bryant said while this was better than the meager 0.5 per cent rise between 2008 and 2009, spending is still well below the levels of pre-GFC Australia.
Restaurants and hotels are expected to receive the greatest sales rise this year, while spending on clothing and intimate apparel is predicted to grow 1.5 per cent to $67 million and jewellery by 1.1 per cent to $33.4 million.
Bryant said February 13 is likely to prove a golden day for retailers, with men traditionally leaving their purchases to the last minute.
“This will result in increased spending on traditional favourites such as lingerie, jewellery and perfume.”
Bonds is among a legion of underwear brands preparing to capitalise on the day, launching an exclusive Bonds heart singlet ($15.95) and hiphanger brief ($17.95)
to market. Supermodel Elyse Taylor, who recently took part in the high-profile Victoria's Secret runway show, fronts its exclusive Valentine's Day campaign.
Meanwhile womenswear retailer Saba is offering significant discounts for gift card purchases, with 25 per cent off $300 cards and 20 per cent off $200 cards.