ANZ Bank forecasts that Australians might spend as much as $4.39 billion on gifts, dining, and vacations ahead of Valentine’s Day. On the day itself, spending is expected to reach $327 million. This estimation draws from ANZ’s analysis of spending data both domestically and internationally.
Comparatively, last year's expenditure for the two weeks leading up to Valentine’s Day stood at $4.22 billion, marking a 2.28% rise from the previous year. Victoria, in particular, led the spending figures with $1.12 billion, while Queensland and Western Australia saw the highest growth, with spending increasing by 4.77% and 3.26%, respectively.
Trends indicate a shift toward spending on shared experiences rather than material gifts. Yiken Yang, ANZ Managing Director of Everyday Banking, noted, “While Valentine’s spending has broadly grown, spending on some traditional gifts has declined. Floristry and nursery product purchases have fallen by 6% year-on-year, while spending on precious stones, jewellery and watches has declined 5% over the same period.”
In 2024, women accounted for over $2 billion in spending during the first half of February, a 1.2% increase from the previous year. Travel expenses for women rose by 5%, hitting $68.6 million. On the other hand, men focused more on entertainment and social activities, with $90 million directed to wineries and bottle shops. Entertainment spending by men increased by 6%, amounting to $121.9 million.
Yang highlighted the importance of dining in Valentine's traditions: “It appears that both genders believe the way to someone's heart is through food. Our data shows that the highest spending category for both men and women is restaurants and takeaway, with men spending $196 million and women $155.5 million in 2024.”
Victoria topped the chart for dining expenses at $102.7 million, while Queensland and the Northern Territory showed a consistent 6% growth in spending over the year.