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Can't buy me love; Aussies spend $23 million on Valentine's Day

Can't buy me love; Aussies spend $23 million on Valentine's Day

Last Valentine’s Day, Aussies spent over $23 million dollars on romance, with millennials putting other generations to shame with how much they’re willing to spend on love.

Figures released by Commonwealth Bank (CBA) show that Australians spent $13.6 million on dinner, $7 million on drinks and $3.2 million on flowers last Valentine’s day. This is 60 per cent higher than the average spending figures for these items compared to “an average Tuesday” last February.

Commonwealth Bank General Manager, Everyday Banking and Payments, Michael Baumann, said “with spend on Valentine’s Day rising 15 per cent on 2016, it’s clear that love doesn’t come cheap anymore.

“Aussies looking to treat their partner with dinner, drinks and flowers should expect to splash out around $136 on the big day.”

Roses are red, violets are blue…

CBA also found that romantic Aussies were spending almost double on a bouquet of flowers ($61) than on dinner ($32). We also spent 66 per cent more at a florist for Valentine’s Day in 2017 than for 2016.

In fact, it appears we’re gravitating towards cheaper eats over fancy food, with the average Valentine’s Day dinner bill falling to $32 in 2017 from $44 in 2016.

For those staying in, alcohol sales on Valentine’s Day were also reported to have increased 8 per cent year-on-year.

Young love: millennials are “putting their parents to shame”

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CBA also found that the “most romantic” group are those aged 26-35, accounting for 38 per cent of all florist spend and 36 of all restaurant spend. This was followed by 18-25 year olds, taking up 20 per cent of restaurant spending.

It appears Valentine’s Day participation tapers off the older Aussies get. Those aged 36-45 made up 21 per cent of florist spending, 46-55 year olds made up 13 per cent, 56-65 year olds make up 7 per cent and for those over 66 account for only 3 per cent for florist spending.

Although the over 66 group aren’t as involved in the romantic celebrations, it appears when they do Valentine’s Day they “do so in style”, spending $206 on flowers, drinks and dinner.

“Younger couples aged 18 to 25 spend a more conservative $101 on average,” explained Mr Baumann.

“Overall, men spend more than women, buying up 83 per cent of all flowers purchased on Valentine’s Day, and footing 70 per cent of all restaurant bills.”

How to do Valentine’s Day on a budget:

CBA’s top tips for Valentine’s Day:

  • Beat the crowds by ordering your flowers ahead online and dining out on 13 February – far fewer Aussies dine out the day before.
  • Dining out on the cheap is in, so don’t be afraid to pick an affordable favourite.
  • With the cost of dinner, drinks, flowers, and the ride home to think about, set yourself a budget and stick to it.

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This article was reviewed by Property & Personal Finance Writer Nick Bendel before it was published as part of RateCity's Fact Check process.

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