New research from the Australian Retailers Association (ARA) and Roy Morgan projects $535 million in sales before 14 February.
A snap survey of more than 4,000 participants found that people aged 18-34 will account for 27 per cent of shoppers, with a spending increase of 15 per cent on gifts forecast.
ARA chief industry affairs officer Fleur Brown said Valentine’s Day is a promising opportunity for retailers despite adverse trading conditions.
“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,” Brown said.
“Retailers will welcome this $535 million shopping boost, as a small, sweet spot in what promises to be another intense year.
“Despite an increase in Valentine’s Day spending, tough trading conditions remain constrained overall, with subdued spending and high costs of doing business.”
New South Wales is expected to lead the spending with an average of $171 per person, followed by Victoria at $150 per person.
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