Aussies to cough up $528m on Valentine's Day, but is it on its last legs?

Most Australians won’t be celebrating Valentine’s Day this year, but that won’t stop the enthusiasts dropping over half a billion dollars on the increasingly niche and expensive celebration of romance.

The expected $528 million spend amounts to around $75 per person among those who choose to splash out on their partner, according to data collected by Finder, with older Aussies far less likely to spend than younger generations and men almost doubling the amount women spend.

Specifically, 80 per cent of Baby Boomers steer clear of Valentine’s Day, while almost half of Gen Y will spend for the romantic occasion.

But, predictably, recently married couples are the biggest spenders on Valentine’s Day, with the research showing couples married within the last five years plan on spending an average of $315 per person – men are expected to outspend women by roughly $120.

The spending trails off quickly after five years of marriage as disposable income gives way to family and living costs, Finder spokeswoman Bessie Hassan said. 

“Valentine’s Day is decreasing in popularity every year,” Ms Hassan said. 

“With exorbitant price markups on flowers, restaurants, chocolate and accommodation, it’s not surprising that some view Valentine’s Day as a money making scheme.”

As for the industries who most rely on Valentine’s Day – in 2017 spending at restaurants and at jewellers almost doubled on the day of and day before Valentine’s Day, compared with the previous week, according to NAB data.

Restaurant and Catering Industry Association chief executive Juliana Payne said because Valentine’s Day didn’t fall on a weekend this year, that increased trade wouldn’t be lost in the usual weekend spike. 

“Depending on the individual business, there can be an increase in trade of between 30 to 40 per cent on Valentine’s Day,” she said. 

But, naturally, flowers stand in their own league when discussing Valentine’s Day spending, with the value of sales hitting $1.92 million on Valentine’s Day last year, twice the number on the previous Tuesday, exclusive NAB data show.

Joh Dickens, president of the Professional Florists Association of NSW, told Domain her florist made $45,000 in sales from Valentine’s Day alone – over twice her weekly turnover. 

“It’s the one day of the year you can make some money,” Ms Dickens said. “It tides you over until Springtime and the weddings start again.”

Meanwhile, figures from the Department of Agriculture show last year Australia imported more than 5.22 million rose stems in the lead-up to last year’s Valentine’s Day, with many Australian growers unable to meet demand. 

Interestingly, it seems many flower sales take place in the tail end of the day, with Woolworths observing 80 per cent of their more than 90,000 flower sold on the day were sold between 2pm and 6pm. 

But with only a bit over a third of Aussies celebrating the day, the economic impact is comparatively mild compared to Christmas – that figure could be higher, but around one in five Australians are single during the love-fest… That might also help explain the 750,000 boxes of chocolate Woolies says it sells in the week leading up to Valentine’s Day.