The predicted expenditure flies in the face of weak consumer sentiment and spending so far this year.
There has, however, been a slight pick-up in business confidence and conditions.
NAB's monthly business survey found confidence rose four points last month as the Reserve Bank cut interest rates and a rebound in the US economy appeared.
Similarly, business conditions lifted by two points.
NAB says while the current level is a touch higher, the economy is running close to trend.
Some components of the survey were disappointing though, as business profitability declined while employment and trading conditions were unchanged.
The survey was also conducted before Australia's big four banks lifted interest rates independently of the Reserve Bank over the past week. The impact of those rises on consumer and business confidence are yet to be felt.
NAB has also adjusted its forecasts for interest rates and now expects one more cut to the official rate in May based on tightening financial conditions as bank financing costs rise and the Australian dollar strengthens.
Still, IBISWorld is expected lovers will splurge 5 per cent more than what they did this time last year on Valentine's Day related gifts.
In a recent report, it singled out Australia's domestic tourism industry will be the biggest winner attracting almost half of total spending.
$422million on romantic getaways is expected to be spent, while restaurant spend is predicted to rise by almost 6 per cent to $31.5million as the popularity of television cooking shows increases the demand for high-end restaurant food.
The second most popular category will be chocolate and confectionary according to IBISWorld, with a rise of 4.6 per cent expected at $292million.
The only segment thought to record a decrease is clothing and intimate apparel. IBISWorld says it simply comes down to difficulty in choosing items that your partner not only likes, but can fit into as well.
Maybe a gift of chocolate and lingerie together isn't the best option after all.
And for the record, I'm still waiting for a gift.
