Australians to spend $535m on Valentine’s Day

New South Wales leads the nation in spending.

Australians are set to break records this Valentine’s Day, with spending expected to reach $535m, a $70m increase from last year.

More than 3.8 million people plan to buy gifts for their loved ones, making this the first time spending on Valentine’s Day has surpassed half a billion dollars.

New South Wales leads the nation in spending, with $210m expected to be spent at an average of $171 per person, followed by Victoria at $140m, with an average spend of $150.

Traditional gifts like flowers, chocolates, and romantic experiences such as dinners and getaways remain popular. However, some shoppers are thinking outside the box, with one person planning to surprise their partner with a $3,500 robot lawn mower.

Men are projected to spend a total of $375m, averaging $162 each, whilst women will contribute $160m, with an average spend of $110 per person.

“Despite challenging economic circumstances, Australians consistently look for opportunities to spoil their loved ones. We also know population growth plays a role in the growing spend,” said Fleur Brown, chief industry affairs officer at the Australian Retailers Association.

“Despite an increase in Valentine’s Day spending, tough trading conditions remain constrained overall, with subdued spending and high costs of doing business.

Top gifts for men this year include flowers, food and alcohol, and romantic experiences, while women are most likely to receive food and alcohol, flowers, and cards.