Spend Wisely this Valentine’s Day
Are you a romantic? Do you spend unaccounted for, hefty amounts of money on occasions like Valentine’s Day? They say you can't put a price on love, but Australians are tipped to spend big this Valentine's Day, according to new research.
This year, Australians are expected to spend $415 million on Valentine's Day presents, with flowers, chocolates, and jewellery topping the list of most popular gifts. The figures are based on research by Roy Morgan – in conjunction with the Australian Retailers Association (ARA).
Always keep your long-term objectives in mind. You can still celebrate as long as your spending is within your budget and financial plan.
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A third of those polled said they planned to spend more on gifts this year than they did last year, while 65 percent said they planned to spend about the same.
Notably, the majority of people planned
to spend Valentine's Day at home, with
only 8% planning to go out, which could be related to consumer fears over the current Omicron outbreak.
Sectors affected by Valentine’s Day in times of COVID-19
Valentine’s Day is the busiest day of the year for florists, and it would normally be the busiest day of the year for restaurants, too, but the industry has been adversely damaged by staff shortages, COVID-19 restrictions, and people generally being a bit more cautious with their social interactions.
CEO of the Australian Retailers Association (ARA) Paul Zahra urges consumers to support their favorite restaurants in any way they can, including ordering a romantic supper at home.
"There's no doubt consumer confidence has been adversely hit by Omicron; however, our data suggests Australians will still be pampering their loved ones this Valentine's Day, with flowers and chocolates in high demand," he said.
Young Aussies Take the Lead
Comparing generations with respect to expenditure on Valentine’s day, research from last year’s celebrations found that Gen X (1965-1980) is the generation that planned on spending the most, with an average of $208, compared to Baby Boomers (1946-1964), who aimed at spending the least at an average of $92.
ARA research found that Valentine's Day is a considerably larger deal for younger Australians, with 38% of those aged 18-24 expecting to buy a present. As people get older, this number decreases.
Only 7% of adults over the age of 65 plan to celebrate the holiday, suggesting that the significance of celebrating Valentine's Day fades with age and when you're in a long, happy relationship!"
Having learned all that, are you still planning on going above and beyond your spending capacity in the name of celebrating love? If you are looking to become financially stable, then every penny counts. Spend wisely and make sure the money you spend on dining, gifts, or outings doesn’t exceed your capacity. Spend wisely this Valentine’s day so that you won’t have any regrets.
Celebrate yourself… wisely
It is not compulsory to celebrate Valentine's Day. Some people may not have somebody with whom to celebrate, or they may choose not to. Why not treat yourself to a present or a weekend away and be your own Valentine? On this day, consider giving a donation to support people who are less fortunate. Alternatively, consider simply putting the money aside for a future emergency.
COVID-19 appears to have had a significant impact on Australians' saving and spending habits, prompting many to seek out more affordable and intelligent ways to celebrate love.
How ever way you choose to spend (or not spend) Valentine's Day this year, remember to stay safe during the COVID-19 pandemic and to consider the well-being of others as much as your own — after all, isn't that what Valentine’s day is all about?