How much we’ll be spending this Valentine’s Day

A new study has found that the majority of Australians intend to keep costs low this Valentine’s Day, likely on account of the financial hit many Aussies have taken since the coronavirus pandemic struck.

Research from financial comparison site Canstar.com.au shows that around a third (30%) of Australians don’t plan to spend any money this Valentine’s Day because they simply choose not to mark the occasion.

A fifth (19%) said they don’t have a partner to spend money on, while one in eight (12%) are opting for a free date or gift idea.

Among those who intend to fork out on their partner this year:

- 22% plan to spend between $1-$100

- 8% plan to spend between $101-$200

- 7% plan to spend between $201-$500

- 2% plan to spend above $500

With this in mind, Canstar reminds us that anyone with a decent number of Qantas or Virgin Australia loyalty points can purchase a gift for their loved one without actually ‘spending’ anything.

With a commitment of between 6,000 and 10,000 points, members could score an item valued up to $50, while 14,000 to 22,000 points can be redeemed for a gift up to $100 in value.

Items up to $500 in value like Airpods, experiences and accommodation will set buyers back between 42,000 and 100,000 points.

Canstar money expert and editor-at-large Effie Zahos says those feeling the pinch this year should “think outside the box”.

“Receiving gifts is just one of the five love languages. Words of affirmation, acts of service, physical touch and quality time are the other four,” she remarked.

With rewards point, Ms Zahos said there was “more value in travel, though if you’ve amassed a tonne of points and don’t intend to fly anywhere anytime soon it could be worth looking at whether you can be using them on other items”.

“When cash flow is tight it's far better to preserve your cash and use your points rather than have them sitting somewhere doing nothing for you.”

The Canstar survey took into account the opinions of 1,049 Australian adults.