Seasonal programs like Valentine’s day drive big profits for retailers and restaurants.
Valentine’s Day spending is expected to total a near-record $19.6 billion in 2019!
“Americans are looking forward to pampering and indulging their loved ones with flowers, candy, dinner and all of the other Valentine’s Day stops. With the holidays behind them and the winter months dragging along, consumers are looking for something to celebrate this time of year.”
NRF President and CEO Matthew Shay
In 2017 retailer James Allen conducted a study and found that 43% of millennials chose Valentine’s Day as their number one choice to propose or be proposed to. So it comes as no surprise that jewellery spend will be the front runner at an estimated $4.7 billion.
$3.7 billion will be spent on a night out and another $2 billion on flowers. While consumers plan to spend an average of $88.98 on their significant other, they also plan on spending:
- $25.29 on their children
- $7.26 on children’s classmates/teachers
- $7.19 on friends
- $5.50 on pets
- $4.79 on co-workers
Retailers should consider a merchandising display of inexpensive Valentine’s themed gifts that can be easily gifted to the categories listed above.
While 42.3% of consumers would love to receive a gift of an experience, only 23.7% of people plan on purchasing one. Giving chocolate and candy is up 5% over 2018 stats with an estimated 55% of consumers planning on giving a chocolate or candy gift.
The first ever box of Valentine’s Chocolates was created by Richard Cadbury in 1868.
According to Hallmark, 145 million cards will be given out for Valentine’s Day in 2019. This estimate does not include Valentines exchanged in children’s classrooms.
29% of consumers plan to shop online, while 35% will head to a department store and 19% of respondents plan on supporting a local small business. 32% are planning to shop at discount stores such as a dollar store.
With $19.6 billion up for grabs, are your stores ready? Are Valentine’s Day marketing and merchandising initiatives executed in full, across all your locations? Relying on paper, Excel and email is slow, error-prone and ultimately…expensive.
Not sure how to check in on your merchandising? Use this merchandising checklist, and follow up with 7 Visual Merchandising Techniques to Increase Sales.
Compliant IA is the leading retail audit platform. It runs on smartphones, tablets, and laptops. Field managers and stores use the app to complete smart checklists at store-level, take photos, and assign tasks with automated reminders. Head office can ensure programs are deployed in time, in full, everywhere.