Australians are predicted to spend $465 million this Valentine's Day, according to research from the Australian Retailers Association (ARA) and Roy Morgan.
This is down 4.1% or $20 million from last year amid cost-of-living pressures, following a similar decline in how many Australians will be gifting, down 700,000 to 3.4 million Australians.
While the overall spend and number of Valentine’s Day shoppers is tipped to fall this year, those who are gift-giving are set to splash out $135 per head, up from $118 in 2023 or up 14.4%.
Intimate gifts remain sought-after, with lingerie being mentioned by 5% of respondents, alongside 4% who are planning to buy adult toys. However, the top gifts include flowers (48%), chocolates (33%) and dinner or a trip away (11%).
Of those planning to purchase a Valentine’s Day gift, almost a quarter say they will be spending more, while 57% will spend around the same and 19% will spend less.
About 12% of those Valentine’s gifting will purchase a present for someone other than their romantic partner.
The 18-34-year-old demographic remains the highest spending demographic and is set to spend $145 million on Valentine’s Day this year, down substantially from $215 million last year. They are closely followed by those aged 35-49 who will spend $140 million, broadly the same as last year.
ARA CEO Paul Zahra said cost-of-living pressures are set to significantly impact Valentine’s Day this year.
“With 700,000 less Australians planning to buy a gift for a loved one this Valentine’s Day – it’s clear just how much of an impact the rising cost of living is having on households,” Zahra said.
“The 18–34-year-old demographic will spend significantly less on Valentine’s Day this year, driving much of the decline. They’re typically the age group most affected by interest rates and the cost-of-living pressures.
“With the financial pressure that Australians are under, 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 tailored to any budget without breaking the bank.”
“It’s pleasing to see that the vast majority of love birds will be spending time together with a romantic lunch or dinner either at home or at a restaurant.”
At the top end of the spectrum, some of the notable gifts reported included a $60,000 car, a $15,000 motorbike and a $5,000 holiday to Bali.