Valentine’s Day – the Other Gift Giving Holiday

in Tips and Tricks

ValentinesMillions of Americans will celebrate Valentine’s Day with gifts for friends and loved ones. This year an estimated $18.6 billion will be spent; an average of $130.97 per adult according to a survey conduced by BIGinsight and reported by the NRF. Take a look at these consumer insights for Valentine’s Day.

GIFTS:

A mix of traditional and non-traditional Valentine’s Day gifts including the following:

  • Candy – 51% of consumers will purchase candy representing $1.6 billion in sales
  • Flowers – 36% of consumers will purchase flowers representing $1.9 billion in sales
  • Jewelry – 20% of consumer will purchase jewelry representing $4.4 billion in sales
  • Clothing – 15% of consumers will purchase clothing representing $1.6 billion in sales
  • Gift Cards – 15% of consumers will purchase gift cards representing $1.5 billion in sales

RETAIL:

The survey reported 26% of consumers intend to shop for gifts online. This is the highest % of online shopping in the survey’s 10-year history, up from the reported 19% last year. Consumers also reported to shop the following:

  • Discount Stores – 40%
  • Department Stores – 33%
  • Specialty Stores – 23%
  • Floral Shops – 20%
  • Jewelry Stores – 11%
  • Specialty Clothing Stores – 8%
  • Catalogs – 3%

CONSUMERS:

As Cupid tugs consumers’ heartstrings they spend the most on their significant other averaging $73.75. Consumers will also purchase gifts for:

  • Family Members –  61% will purchase gifts for family members spending an average of $26.46
  • Friends –  25% will purchase gifts for friends spending an average of $8.49
  • Co-workers –  13% will purchase gifts for fellow workers spending an average of $5.12
  • Pets – 20% will purchase gifts for pets with total spending expected to reach $815 million

MEN: The average male will spend $175.61 while the average female will spend $88.78.

MOBILE:

40% of smartphone users will use their mobile device to shop for gifts; 47% of tablet users will rely on their device to make purchases.

MARKETER’S CONCLUSIONS:

The Super Bowl is over and according to the numbers, men may have little more than Valentine’s Day to concentrate on in the coming weeks. The importance of online and mobile shopping continues to increase and is an area of opportunity to reach consumers. Pet owners and their millions are not to be ignored. Spending on Friends and Co-workers could be found sales for savvy retailers & brands.

XOXO

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