How much is your love worth on Valentine's Day?

Article by Kevin Boyle

With Valentine's Day fast approaching, many Aussies will be assessing their savings accounts as they determine just how to spoil their loved ones.

Australians will spend an average $41 on their partner, or intended Valentine, and a combined total of almost $936 million in the run up to Valentine's Day. Although this is only an increase of 3 percent compared to last year, romantic getaways and dining out are expected to see a splurge in growth this year.

"More expensive items are back on the agenda this year," according to IBISWorld General Manager Ms Karen Dobie. And for those not able to splurge on a long weekend or dinner at a Michelin starred restaurant, there will still be opportunities to go that extra mile to impress the object of their desire, such as buying premium chocolates and a dozen roses rather than a mixed bunch of whatever is in season," she said.

The alternate name 'Feast of Saint Valentine' may be more appropriate with dinner for two expected to be one of the hottest options for canoodling couples this year. Thanks to Australia's other love affair with cooking shows and fine food, spending on dining out will see an expected increase of around 8 percent this year, up to $34.02 million.

However, there won't be much feasting of the eye with lingerie and intimate apparel expected to only experience around 0.1 percent growth. The high cost of goods and the difficulty in choosing an appropriate gift being blamed for the declining popularity of lingerie gift giving over the recent years.

For those who would like to save some love for their savings accounts without neglecting their partner, chocolates and flowers will still be the most popular gifts this Valentine's Day, with Australians expected to spend a combined total of $346.99 million.

Have a question about savings accounts? Ask the gurus at Mozo Answers.