Loved up couples are expected to spend up big this Valentine's Day on everything from chocolate, jewellery and weekends away, following a lull in 2009 Valentine's spending.

This February 14 IbisWorld predicts spending will rise 2.7 per cent to $867.3 million, compared with a meager 0.5 per cent rise in spending between 2008 and 2009.

Robert Bryant, IbisWorld GM, said that although the figure appeared large, it represents just 1.6 per cent of the year’s predicted retail sales and is still well below the levels of pre-GFC 2008.

With the romantic date this year falling on a Sunday restaurants and hotels are expected to benefit, with Bryant predicting a 2.6 per cent rise in spending on eating out and a 3.7 per cent spike in weekend getaways.

“Couples will opt for a mix of city escapes and country or coastal retreats, with many taking advantage of packaged deals incorporating accommodation, dinner, flights and even theatre tickets. We also expect to see a resurgence in the popularity of couple’s packages at luxury day spas around the country,” Bryant said.

And with men traditionally last minute shoppers, February 13 could prove a golden day for retailers who expect many shoppers to pull out the plastic on Saturday in their quest to find the perfect romantic gift.

“This will result in increased spending on traditional favourites such as lingerie, jewellery and perfumes,” predicted Bryant.

“Spending on confectionery and flowers will only rise marginally thanks to people purchasing bigger blooms and larger boxes of chocolates. We may also see growth in spending on premium brands as couples opt for Lindt or Koko Black over Cadburys and red roses over gerberas.”

Indulgent gifts will beat poetry and love letters this year as greeting card sales fall by a predicted 1.8 per cent after growth of 3.8 per cent last year.