Money buys love on the most romantic day of the year

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Romance is alive and well with NAB data showing Australians spent more than $849 million at restaurants, jewellers and florists during this year’s Valentine’s Day celebrations – up 7% on the year prior*.

In the week leading up to Valentine’s Day, Australians spent more than $749 million – with $24 million spent at florists, $86 million at jewellery and watch stores and a further $630 million at restaurants.

Valentine’s Day itself saw strong spend at restaurants across the country, with close to $100 million spent wining and dining loved ones on the most romantic day of the year.

NAB Executive for Small Business, Ana Marinkovic, said despite cost-of-living challenges Australians were happy to shell out on their nearest and dearest, a win for small businesses owners.

“For many small businesses across Australia, days such as Valentine’s Day are major trading events in the shopping calendar,” Ms Marinkovic said.

“Flower shops, bakeries, and everyone in between spent a long time prepping for the day, so it’s fantastic to see Aussies showing love to local businesses.

“Of course, many people are being more thoughtful about where and how they spend their money – but if the pandemic has taught us anything, it confirmed Aussies love supporting small businesses so it’s great to see people using this special occasion to shop local.”

The same data has also revealed the most romantic suburbs outside of major cities – with the following areas being the most generous with their spending: Armidale (NSW), Bunbury (WA), Kotara (NSW), Ballarat (VIC), Mackay (QLD), Modbury (SA), Torquay (VIC), Toowoomba (QLD).

Fab Succi, owner of Melbourne restaurant, Tiamo, has been working in the industry for over 40 years and commented that Valentine’s Day has always been a special vibrant day.

“Valentine’s Day this year gave me that nostalgic feel-good feeling, like Melbourne, we’re back. Every restaurant in the city seemed to be busy; you could sense the love in the air,” Mr Succi said.

“Eating out is part of a Melbournians DNA, and whether that’s going out for dessert or a big meal we will always make a date out of it.

“Even though many of us have other worries at the moment – with cost-of-living pressures – if there’s joy to be had, people will go for it.”

 

Notes to the Editor

  • *Estimates taken from NAB merchant terminal data from 07 Feb 2023 to 14 Feb 2023 and compared to the year prior.

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