Wednesday, February 12, 2014

Interesting Facts About Consumer Spending This Valentine's Day

For some retailers, Valentine's Day is the second-most profitable time of the year next to the Christmas holiday. Between jewelry, candy, greeting cards, clothing and other gifts, Valentine's Day is expected to bring in nearly $17.3 billion in sales. Take a look at the National Retail Federation's recent survey to get an idea of what to expect this year.

How much will consumers be spending?
  • 54% of Americans will celebrate with loved ones, compared to 60% in 2013. 
  • The average person plans to spend $133.91 on candy, cards, gifts, dinner and more (compared to $130.97 last year)
  • Total spending is expected to reach $17.3 billion 
  • On average, men will spend $108.38 on significant others
  • On average, women will spend $49.41 on significant others
  • Consumers don't just buy for significant others - 59.41% buy for family members, friends (21.7%), teachers (20.4%), and colleagues (12.1%) and pets (19.4%). 

What are consumers buying?
  • 48.7% will buy candy 
  • 37.3% will buy flowers
  • 51.2% will send greeting cards
  • 19% will buy jewelry 
  • Practical gifts such as clothing (15.8%) or gift cards (14%)

Where will consumers shop this year?
  • 26.1% of consumers do their research and plan to purchase gifts online this year
  • 24% will research products on a smartphone and 32.2% on a tablet

Take a look at the original article from the National Retail Federation

by Samantha Warner
Marketing Extraordinaire