Love costs a fortune this Valentine’s Day

Valentine’s day spending is set to break all-time records this year, with this one generation about to drop the big bucks to impress their partners.

One anonymous devoted Sydney partner has broken down the costs of trying to impress his girlfriend, which came to more than $1400 dollars.

He spent $400 on concert tickets as a gift, $520 on dinner, $150 for an office flower delivery, and $350 on a staycation.

“Look, I like spoiling my girlfriend on special occasions, she deserves it,” he said to news.com.au.

This is the second Valentine’s Day he will be spending with his partner, and each time it seems to become more expensive.

“Her tastes are expensive, but I want to give it to her,” he said.

“But with the cost of living, prices seem to rise with every year”.

He’s not alone.

Hearts are on fire across the nation, with 3.8 million Australians planning romantic extravaganzas, setting a new record of $535 million, according to a survey conducted by the Australian Retailers Association and Roy Morgan project.

One Sydney man spent more than $1400 dollars on his partner.

For the significant others who did not procrastinate this year, the requisite presents, cards and flower deliveries would have already been organised.

Those that have not are part of the many that make the 14 February the busiest day for florists, who are set to earn more than $21 million, experiencing a surge of 700 per cent, according to new data from NAB.

However, all those celebrating with their partners know that flowers are often not enough, and only constitute a small fraction of total costs.

Throughout Australian history, never has Valentine’s Day spending surpassed $500 million.

These costs will be attributed to some of the most popular gifts such as Valentine’s dinner, and trips away.

Love Struck youngsters Gen Z and Millennials are leading this record breaking spending, as those 18-34 are the biggest group of spenders at 27 per cent.

Men’s pockets will be hit a little harder, the average man is projected to spend a total of $162 for a total of $375 million, which is $20 million more than last year.

The average woman will spend around $50 less, for a total of $160 million, which is surprisingly $50 million from last year.

Cost of living pressure is impacting how much Aussies spend on their loved ones Picture: NIGEL HALLETT

ARA Chief Industry Affairs Officer Fleur Brown says as tough times continue for many; Aussies are prioritising experiences with their loved ones.

“Despite challenging economic circumstances, Australians consistently look for opportunities to spoil their loved ones.

“Valentine’s Day is a chance to share a special moment with a nearest and dearest, by buying gifts and enjoying some time together over a dinner or during a trip away.

“Retailers will welcome this $535 million shopping boost, as a small, sweet spot in what promises to be another intense year.

This boost will not last long, and then it’s back to tough trading conditions with subdued spending and high costs of business.

Originally published as Love costs a fortune this Valentine’s Day