Valentine’s Day is now big business for retailers and keeps growing. In 2016, the National Retail Federation reported spending to reach $19.7 billion. Consumers were set to invest, typically, $146 per on gifts for others, family members and friends.
As revenue is rising for Valentine’s Day, so will be the number of gift purchases being made online. The identical survey by the NRF found that nearly 30 percent of consumers planned to buy presents from online retailers.
While not the types of numbers you see for Christmas, Valentine’s Day gift giving can offer a welcome increase in earnings in the first part of the year. To be certain you’re making the most from possible Valentine’s Day sales, it is important to look closely at the trends — including who’s buying, when they buy and what they invest — to maximize your gains for the first gifting holiday of the year.
He Bought, She Bought
It is true — people shop differently for Valentine’s Day. It is not enough, but to simply acknowledge they store differently when you are a retailer looking to get the most out of this vacation. Those differences should direct your sales and promotions to target the right customer at the perfect time.
Women’s shopping for your holiday is diverse, as is their list of recipients. According to NRF, women have expanded their present list in recent years to include more than simply their significant other. Besides their spouse, women are also buying for friends, parents, their children and their pets. Of the female respondents to a poll conducted by BestBlackFriday.com, 23% stated they would be buying a Valentine’s Day gift for their pet, with 16 percent of those intending to invest more than $50 in their furry friend.
Men, on the other hand, tend to concentrate their shopping on their significant other. Both men (84 percent ) and women (86 percent ) reported they would be buying gifts for their significant others. However, for women, their pets and parents rated high as well, with 23 percent of survey respondents saying they’d purchase for parents, and, as mentioned above, 23% would purchase for Fido or Fluffy, also. Men, on the other hand, called out family and friends as people most likely to also buy gifts for, but with reduced amounts. Only 16 percent of male respondents to the poll said they would be buying gifts for friends, and 14 percent for household.
When shoppers make purchases could be crucial to your promotions and sales plans, also. A couple of shoppers, approximately 25%, start shopping before the end of January. However, the bulk begin in early February and store right up until the 14th. It’s easy to suppose that the late shoppers are men, and based on what they’re buying, that might be the case. Unsurprisingly, flower purchases are largely made by guys and are bought much closer to the actual date. But men also buy jewelry nearly 3 times as often as girls do, and those purchases are made earlier in the month.
Spending is another huge differentiator between the genders. As we have seen, women have a tendency to buy for more people, but they also buy more affordable items, such as cards, candy and gift cards. In 2016, girls were anticipated to invest about $96 on Valentine’s Day gifts. Men, by contrast, were projected to spend closer to $190. This syncs with the classes that they spend on the most, namely, jewelry, flowers and evenings out.
Putting the Trends to Function
Pulling this information together, there are a number of clear takeaways that may help you focus your efforts when bringing customers to your Valentine’s Day offerings.
As an example, marketing targeted at attracting men that are thinking of buying jewelry should peak in the first part of the month. That does not mean there is not value in talking to the audience before and after early February, but that is when you will have their attention for these higher-end purchases.
Do not forget to include gifts for others when targeting girls. Items which could be presents for parents, kids and even pets are on women’s radars. Women will be seeking to create multiple, smaller purchases to cover everyone on their list. Promotions, advertising and sales which enables them to check everything off their listing will strike a chord with this section.
And do not dismiss online as an important station. Both women and men research and buy online and on their own phones. They also use their telephones for research and price comparisons, even if in a physical store.
Valentine’s Day is no longer only about small paper cards and candy hearts. It is a noteworthy gift giving holiday with the capacity to give your company a hefty earnings bump. Understanding your client and focusing your promotions and messages for Valentine’s Day to meet them and if they wish to shop will set you above your competitors and assist customers fall in love with your organization.