REVEALED: How much Aussies will spend on Valentine's Day
NEWLYWEDS are set to spend $253 million this Valentine's Day, new research shows.
Comparison website finder.com.au today revealed Australian couples who have tied the knot in the past five years are set to splurge the most, forking out an average of $315 on gifts for their partner.
Interestingly, men plan to spend $119 more on Valentine's gifts than their spouses, forking out $386 on presents for their other half.
Should we celebrate Valentine's Day?
This poll ended on 20 February 2017.
Yes, I buy gifts for my partner to show I love them.
No, it's way too commercialised.
I don't care, I'm a single pringle.
This is not a scientific poll. The results reflect only the opinions of those who chose to participate.
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%).
Money expert at finder.com.au, Bessie Hassan, said the day could be an expensive time for most 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," she said.
"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."
Victorians are the most generous come Valentine's Day, and are 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.
Interestingly, Generation Y will spend a third more than Generation X.
"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," Ms Hassan said.
"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."
How to save on Valentine's Day:
- 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.
- Think outside the box: Get creative with your gift. You don't have to spend to show 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 gifts.
- 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 drink costs.