Valentine’s Day Spending Increases

Valentine’s Day has rolled around again. Time to break out the Al Green and Barry White music, over pay for a dozen roses and fight the crowds at local restaurants.  Valentine’s Day also means added business to many different kinds of businesses.  New research has come out that shows how much consumers plan to spend and what they plan on buying their significant others.

1134893heart● Total Valentine’s Day spending is projected to hit over $18 billion

● Average spending is expected to hit roughly $130 person – up 4% from last year

● 51% of those who give Valentine’s Day gifts will give candy, nearly 40% will give flowers and 20% will buy jewelry

● While more people will buy candy, the most spending will be on jewelry – $4.4 billion or 23% of total Valentine’s Day spending

● More than one in four shoppers will buy Valentine’s Day gifts online, 49% will make a purchase at a discount store, a third of gift givers will buy from a department store, nearly 25% will make a purchase from a specialty store and one in five will shop at a jewelry store

● Men will outspend women, $175 to $88

● 40% of smart phone owners will use their device to make a purchase as will 47% of tablet owners

● 20% of American’s will buy Valentine’s Day gifts for their pets

What Does This Mean To You?

Valentine’s Day might be classified as one of those “Hallmark Holidays”, but consumers are buying much more than cards.  From restaurants to retail, many different businesses can cash in on cupid. Loyalty programs and mobile campaigns can drive traffic to your web sites and physical locations.  Loyalty programs like this can often be viewed as more than just a sales message – they can also been seen as a reminder to busy consumers who may have forgotten to buy for their loved ones.  Last second deals can prove to be very valuable for both your business and your customers.  Take it from someone who’s been happily married for over 20 years – the last thing you want is you wife to be the only wife or girlfriend in the office not to get something delivered to work.  For more information on how Valentine’s Day and other holidays can create a loyal customer base, please contact:
Al Fiala
amfiala@gmail.com

 

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