Cupid shoots high this Valentine’s Day: Aussie newlyweds to spend $253 million
- Recently married couples expected to spend $253 million this Valentine's Day
- Aussies will spend $315 per person on average; men intend to fork out $386
- How to save on last-minute Valentine’s Day gifts
13 February, 2017, Sydney, Australia – Australian couples who have tied the knot in the past five years are set to splurge a collective $253 million this Valentine's Day, according to finder.com.au, Australia’s most visited comparison site1.
The new research shows recently married Aussies will fork out an average of $315 on gifts for their partner this Valentine's Day, despite the average Aussie spending $539 on Christmas gifts in December last year.
Interestingly, men plan to spend $119 more on Valentine’s gifts than their spouses, forking out $386 on presents for their other half.
In 2016 the most common Valentine’s Day activities include a meal in a restaurant (51%) and a romantic night in (32%), while a few couples will go to the cinema (7%).
Victorian (VIC) residents are the most generous come Valentine’s Day, expected to spoil their partners with $483 on gifts, $168 above the national average.
In second place are couples from the Australian Capital Territory (ACT), followed by those in Western Australia (WA), with these residents likely to dish out $321 and $270 per person, respectively.
The most penny-pinching married couples are found in Tasmania, with Australia’s southernmost population spending just $94 on their partners, which is $221 (or 70%) less than the average national outlay.
Bessie Hassan, Money Expert at finder.com.au says Valentine’s Day can be an expensive time for Australian couples.
“It’s surprising some Aussies are dishing out as much for Valentine’s Day as they do on Christmas gifts, and the $386 spend by men is potentially equivalent of two days take-home pay for some Aussies.
“There’s a social expectation to spend big on Valentine’s Day, and while it’s an occasion to celebrate affection for your partner, don’t let the marketing hype of the day blow out your budget.
“The cost of flowers, chocolates, and experience gifts are likely to be inflated on Valentine’s Day and in the lead up to the day, so consider buying gifts on an alternate day to cut costs.
“You can celebrate the uniqueness of your relationship without breaking the bank. Re-create your first date, go on a bike ride, or stay in and cook a meal together,” she says.
Interestingly, younger Australians aged 18 - 34 (Generation Y) will spend 33% more than those aged 35-54 (Generation X).
How to save on last-minute Valentine’s Day purchases:
- Avoid the ‘love tax’: Prices are inflated for just about everything come Valentine’s Day, so if you want to save a few dollars, take a raincheck and celebrate on an alternate day, such as your wedding anniversary.
- Shop online coupons: Many retailers offer a 15-20% discount when you shop online, so check out Valentine’s Day coupon sales before buying your gift. Doing some research online will help you save a few dollars and some retailers will offer free or discounted shipping/delivery on certain purchases.
- Think outside the box: Get creative with your Valentine’s Day gift as you don’t have to spend in order to show that you care. For instance, go for a picnic, exchange heart-felt cards, or give a framed photo. Often, these gestures have greater sentiment compared to expensive items, such as jewelry.
- Check out discounted meal offers: If you’re dining out, make the most of two for one deals or drink cocktails during happy hour instead of paying the full price. Otherwise, heading to a licensed BYO restaurant will help you save on alcohol costs.
1 Experian Hitwise since 2015
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The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.
More than 3 million Australians turn to finder.com.au every month to save money, time and make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.
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