Merchants

Candy, Roses and Bling… Happy Valentine’s Day!

valentines day shopThere is no denying that Valentine’s Day is big. Americans take a lot of pride in finding the perfect gift to show affection for their loved ones and the figures speak for themselves. For example; the estimated amount of money a person will spend on Valentine’s Day is $130.97. The total spending for Valentine’s Day will come to $18.6 billion.

So what are people buying? Well, its not actually very surprising that –

  • $1.6 billion will be spent on candy
  • $1.9 billion will be spent on flowers
  • When it comes to buying flowers 51% of people will be buying red roses. Thats 224 million roses that are grown just for Valentines Day
  • $4.4 billion is the amount people will spend on diamonds, gold and silver
  • 145 million Valentines’s day cards will be purchased

This goes to show that the ‘usual things’ will sell. But there are a few signs out there that people are doing more to find something unique or unconventional to give to their significant other. Although visits to discount stores are up, people are also heading to smaller shops. 22.9% are going speciality stores, 19.6% to florists (obviously), 11.2% jewelry stores and 7.5% to specialty apparel stores. Only visits to department stores has seen a dip.

As they did during the  Black Friday holiday weekend, a growing number of shoppers will head for their computers. More than 25% will go online, compared to 19.3% last year and a new record.

According to the National Retail Association, nearly half of all tablet owners (46.9%) will research products, prices, and retailer information, redeem coupons and purchase products with their device. Meanwhile, 40.7% of smartphone users will do the same while they are on-the-go showing us that people are taking the trouble  to browse the Internet for something different or for an item that is not frivolous.

Comforter sets, coffee makers and juicers, smartphones and tablets, art work and purses are items that people are identifying as useful, high value enough – especially as men spend more on Valentine’s Day gifts than women – and on the thoughtfulness scale will always beat a box of candy.
Seeing as Valentine’s Day is now a highly commercialized holiday and 91% of Americans are planning to buy a a gift for this day, there is even more pressure on people to find a gift that is meaningful. In future years, it may well be the case that there will be even more hype to the run up to Valentine’s Day and people will start shopping for gifts earlier and spend more time browsing. Retailers will have to invest more resources and time to sourcing interesting and unconventional products, start stocking items earlier and find a way to attract customers that will be searching online.
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