$535 million: How Sydney is Australia’s number one state for Valentine’s day
Restaurants, florist and retailers crippled by a cost of living crisis will be saved by love this Valentine’s Day – with a forecast revealing Aussies will spend up record amounts with $535 million set to be forked out.
NSW
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Restaurants, florists and retailers crippled by a cost of living crisis will be saved by love this Valentine’s Day – with a forecast revealing Aussies are set to spend a record $535 million.
Australian Retail Association chief industry affairs officer Fleur Brown said despite people struggling to make ends meet, the want for spending on loved ones has skyrocketed.
“It is a simple case of what we like to call ‘revenge spending’,” Ms Brown said.
“There is no denying people are doing it tough, but what we have seen are people choosing their moments to spend and those moments are the ones with loved ones.”
It is expected 3.8 million Australians buy gifts for someone special, with 27 per cent of shoppers fitting in the 18-34 demographic.
NSW will dominate at the checkout with $210 million expected to be spent on the day of love with the data revealing men are set to spend up big on flowers, chocolate and experiences like dinners and trips away.
Meanwhile ladies are set to spoil their man with food chocolate and alcohol.
“The average man is projected to spend $162 on Valentine’s Day for a total spend of $375 million – up $20 million – while the average woman plans to spend $110 for a total spend of $160 million – up $50 million,” Ms Brown said.
“Retailers will welcome this $535 million shopping boost, as a small, sweet spot in what promises to be another intense year.”
Twig and Vine florist boss, Linda Jamieson, said she will be working around the clock in her Summer Hill shopfront to ensure her customers are satisfied.
“On Valentine’s Day, most of our orders come in the day before, although we like to encourage them to be more organised,” Ms Jamieson said.
“We will be working around the clock the day before, hiring more staff to try to get orders out to ensure all our customers have the best possible days.”
Ms Jamieson said this year she has seen more order trickling in than she has ever seen after 23 years in the industry.
“I am personally a hopeless romantic so its great to see that romance is still alive and well,” she said. “It is also great for the business as it rakes in roughly 20 times more profit than any other day in the calendar year.”
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