So maybe the Beatles were wrong, it looks like many consumers are trying to buy love – or at least representations of it. A new report from the National Retail Federation predicts that spending on Valentine’s Day is set to increase in 2012.
- From 2011 to 2012, Valentine’s Day spending is predicted to
jump nearly 9%
- On average, consumers will spend over $125 of cards, gifts and candy
- Nearly 20% of consumers plan on buying jewelry – total jewelry spending is anticipated to be $4.1 billion. That’s up from $3.5 billion
- 13% of consumers will buy gift cards, also up from last year
- 50% will buy candy, 36% will buy flowers, 36% will also treat someone to a nice evening out.
- While one-third of consumers will shop at a department store, nearly 20% will shop online.
- Half of tablet owners will use their devices during their Valentine’s Day shopping
- 40% of smart phone owners will use their device to do the same
What Does This Mean To You?
It started when we were in grade school with construction paper cards & those little candy hearts and has grown into expensive jewelry and long-stem roses. Even though Valentine’s Day happens once a year, you should take the opportunity to create loyalty and forge relationships. What kind of contact information does your business collect on customers? At the very least, you should ask for information to re-contact them for next Valentine’s Day. Text campaigns are a great way to encourage business for upcoming holidays such as Mother’s & Father’s Day. Restaurants probably don’t need a lot of help drawing traffic on Valentine’s Day. But if you are a restaurant, want are you doing to extend the sale. Things like coupons or other offers that reward a return trip are a great step in creating a long-term customer. Also for restaurants, since your dining room will most likely be packed – have you thought about a special take- out menu? Again, have an offer that entices patrons into a return visit. The trend toward mobile shopping continues with Valentine’s Day as well. Smart phones and tablets are consumer’s go-to tool for shopping and researching, so if you haven’t gotten your organization ready for mobile – you need to do so now. Not having a mobile site is probably costing you business already. For more information on generating awareness and creating long-term customers, please contact your Orlando Sentinel Media Group representative or:
Advertising Research Supervisor
Source: National Retail Federation; BIGinsight