Consumers from Down Under spend millions of dollars on various items and experiences, all for Valentine's Day. In fact, the forecasted expenditure of Australians for the coming hearts' day is $791.4 million.
The figure stated was researched and analysed by IBISWorld. It discovered that this year's expected expenditure will be up by 1.8 percent compared to that of 2013. Its analysis also found that an average Aussie consumer can spend up to $86 for their date or romantic partner through expensive gift items.
An article written by Smart Company noted how the GM of IBISWorld, Karen Dobie, emphasised that costly items are on top of the list of Valentine's gift ideas for the majority of Aussies. Ms Dobie added that this is because gift items like flowers and chocolates are considered to be the next best option only if the consumer cannot afford a sweet dinner for two or even a luxurious getaway.
The research also informed that Australians spend up to $42.3 million on restaurants, up from $34 million last year. Jewellery sellers are also expected to rake in more sales on the 14th, with forecast growth that will reach $40.5 million this year. Premium accessories and fashionable items are also turning out to be ideal alternatives for the usual Valentine's day gift items of flowers and chocolates.
And with the hearts' day occasion falling on a Friday this year, it is predicted that Aussie couples will most probably settle for romantic getaways to make the most out of the long weekend.
On the other hand, the Valentine's Day gifts that are expected to be on a low are lingerie and clothing. High cost and the risk of choosing the wrong style and size for the recipient are the two main reasons for this decline.
For those looking for other things or experiences to give their loved one, here are other gift ideas for Valentine's Day. No matter how expensive, or not, a gift can be, adding a personal touch like a simple note would surely touch hearts this hearts' day.