The financial impacts of last year may be weighing on the minds of many this Valentine’s Day with new research from Australia’s biggest financial comparison site, Canstar.com.au revealing the majority of Australians are keeping costs low.
The new survey of 1,049 Australian adults found 30% don’t plan to spend any money on Valentine’s Day because they choose not to celebrate the occasion while 19% say they don’t have a partner to share in a gift exchange.
A further 12% of frugal gift givers are this year choosing a free date or gift option for Valentine’s Day.
When it comes to spending money on a Valentine’s Day gift, the data shows the remaining respondents will spend:
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22% of Australians say they intend to spend between $1-$100 on their significant other
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8% say they will spend between $101-$200
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7% say they will splash out between $201-$500
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A further 2% say they are going to spend above $500 on their partner.
Valentine’s Day often sees people treat their partner, though the last 12 months have seen many couples challenged financially but also emotionally from the increased time spent together at home.
Canstar’s Editor-at-Large and money expert, Effie Zahos says, “For some people Valentine’s Day might be an excuse to get out of the house and enjoy spending time together at a new restaurant, or hit the shops to splash some cash. Others may be feeling the pinch from the pandemic and opting to go without celebrating this year or looking at cost conscious options.”
“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.
“If you’re set on actually wanting to buy a gift then there are ways to celebrate with your loved one that don’t have to blow the budget. If you’ve got gift cards leftover from Christmas now might be an opportune time to cash in, or even look to shop via one of the cashback sites so you can earn money while you shop.
“A weekend getaway might be off the cards for many people but anyone that has been accumulating rewards points could look to cash in on the points to save their hip-pocket this Valentine’s Day while still indulging their partner with a gift.”
Using rewards points to buy a Valentine’s Day gift
New analysis from Canstar reveals there are a variety of gifting options available via the Qantas Frequent Flyer or Virgin Velocity stores for points holders intending to splurge on their significant other.
“When it comes to rewards points there is 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,” comments Zahos.
“When cash flow is tight it’s far better to preserve your cash and use your points rather than have them sitting somewhere do nothing for you.”
Points holders could outlay between 6,000 and 10,000 for a gift valued at up to $50, while those wanting to buy an item valued at up to $100 may have to hand over between 14,000 and 22,000 points.
For those wanting to spend big on their significant other, items of up to $500 in value from the Qantas and Virgin stores could include a hot air balloon experience, a hotel stay, or electronics like Airpods, though these will set buyers back between 42,000 to 100,000 points.
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