By TWD Australia

June 10, 2016 | Archive 2016

How Much Do Aussies Spend On V-Day?

While Christmas Is Often Singled Out As The Event That Attracts An Onslaught Of Spending On Gift Purchases, Valentine’s Day Is Also Known To Inspire A Surge In Consumer Spending.

In fact, the national annual Valentine’s Day spend over 2013 and 2014 exceeded $775 million according to analysts at IBISWorld. The ever popular romantic gesture of flowers tops the expenditure chart, along with romantic getaways and something for the sweet tooth (chocolates/confectionary).

The average loved-up (we hope) Australian spends $86 on their partner’s Valentine’s gift.

It seems we are a nation that enjoys spreading the love with our moolah. Amongst the floral and confectionary gift items, Aussies love to communicate their affection with a shared restaurant meal, clothing, and, on the rise, some quality bling and accessories.

Last year the growth in annual spend was estimated to increase by 2% to over $13 million. And this year, with the trending preference for premium goods ever increasing this growth pattern is likely to continue.

Experiences are also becoming a more popular gift with the rise of social media exhibitionism and the fact Valentine’s Day falls on a weekend. Expect loved-up couples to hijack your newsfeed with happy snaps as they document their lavish weekend away.

eCommerce sales have also seen growth. In 2014 online sales grew by 8% from the previous year. While mobile accounts for more than a third of traffic to eStores, most purchases continue to be made on a desktop. It seems we enjoy browsing and researching on tablets and smart phones, but ultimately transact purchases when at a desktop computer.

Although a much smaller portion of spending, it’s likely there will also be a band of single Australians who join in the festivities by treating themselves. Any excuse right?

Let us know what you will be gifting this Valentine’s Day. Drop us a comment on Facebook or Twitter: https://www.facebook.com/thewealthdesigners and  https://twitter.com/WealthDesigners

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Words by TWD Australia.