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?