Valentine’s Day Means Shopping $$$ for Retailers

The National Retail Federation reports that Valentine’s Day 2016 will generate almost $20 billion in sales: According its “Valentine’s Day Consumer Spending Survey conducted by Prosper Insights and Analytics, 54.8 percent of consumers will celebrate Valentine’s Day, spending an average of  $146.84 on flowers, jewelry, candy, apparel, and more, up from $142.31 last year.”
Here are some more Valentine’s Day facts, as reported by About.com:
  • “Men will spend nearly twice as much as women: $196.39 per guy v.s. $99.87 per gal.”
  • “Those making $50,000 a year or more will spend $169.32 each, vs $109.14 per person making less than $50,000.”
  • “Younger people participate more than older, more settled folks. Nearly two-thirds of those between 25-34 will celebrate the holiday, and 60% of those between 18-24. Less than half of those between 55-64 will celebrate, and only 44.7% of those 65 and older.”
  • “The least popular gifts are also the least romantic. Only 17% will buy clothing, spending $87.37 each, and 15% will buy gift cards, spending $81.20 each.”
  • “For the first time, more will go to department stores (35%) than discount stores (31%). Nearly 20% will go to greeting card stores or florists, while only 11% will go to jewelers. Retailers have stocked the shelves with deals in anticipation of value-conscious shoppers.”
Here are the top items purchased for Valentine’s Day. Click the image to read more from About.com.

Val Day

 

This entry was posted in Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Social Media and Retailing and tagged , , , , , , , . Bookmark the permalink.

One Response to Valentine’s Day Means Shopping $$$ for Retailers

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