For most Australians, gone are the days of expensive jewelry and vacations for Valentine’s Day. Business analyst firm IBISWorld is reporting that Australians will spend an average of $38.60 on their sweethearts, a decline of 3.2 percent from 2010.

The main reason? That pesky global financial crisis, of course. While spending will total $870.1 million – a modest 0.3% rise from last year, Australians have learned how to cut back, and are choosing flowers and chocolates over jewels and vacations.

IBISWorld General Manager Australia Robert Bryant said, “While the lead up to February 14 will not be the coup some retailers were hoping for, spending will still certainly bring a smile to some sectors.” He’s identified the florist industry as this year’s Valentine’s winner, predicting cut flower sales will rise 9.6 percent to $50 million.

Still, expect less Australians to dine out on Monday. Despite a number of restaurants offering price-adjusted prefixed menus, many Australians will stay in to cook a fancy meal or order takeaway. Valentine’s Day favorites—chocolate and candy—are expected to sell up to $285 million, a 2.2 percent increase.

And you can forget greeting cards—they’re becoming a thing of the past as electronic cards are becoming more popular. “Greeting card sales have been on the wane for a couple of years now, which may reflect the rise of electronic card alternatives, whilst clothing, lingerie and short breaks represent expensive discretionary purchases which will make up a smaller proportion of this year’s total Valentine’s Day spending as we stick to our resolution to save – not splurge,” said Bryant.

If you really want to get creative this Valentine’s Day, cruise on over to ExecDigital for some unique—and expensive—gift ideas.