We know you’re well into Valentine’s Day planning, and we wanted to help you make the most of this holiday. That’s why we’ve compiled four of the most important Valentine’s Day statistics so you can use the information as you prepare your 2023 marketing.
1. Overall Spending
Spending has continually increased for Valentine’s Day, except for the drop in 2021, influenced by Covid-19. In 2022, consumers spent close to $24 billion on Valentine’s Day gifts, the second-highest amount since 2007. The most popular gifts were candy (56%), greeting cards (40%), and flowers (37%).
2. Floral Spending
Customers spent $2.3 billion on flowers for Valentine’s Day in 2022, also the highest amount since 2007 (tied with 2020). As for the most popular flower, it will come as no surprise: red roses account for 70% of all Valentine’s Day flower purchases.
3. Spending by Demographics
Millennials spend the most on Valentine’s Day gifts, specifically those between the ages of 23 and 29. The highest spending averages come from these younger millennials ($266) and Generation X ($268). Additionally, almost 68% of men said they planned to purchase Valentine’s Day gifts, with an average spending amount of $339.
4. Email Marketing
Flower businesses send the most email marketing campaigns for Valentine’s Day. Between January 15 and February 14, more than 38% of email campaigns were for flowers, compared to 21% for mass merchants, 21% for chocolate, and 7% for jewelry. Plus, more people open emails about flowers: The email open rate for flowers is 17%, compared to 15% for mass merchants, 11% for chocolate, and 9% for jewelry.
How to Use These Valentine’s Day Statistics in Your 2023 Marketing
Now that you know these key Valentine’s Day statistics, here’s how to use them to increase your sales and revenue this holiday:
• Send your email marketing campaigns to key demographics
If you have this information, create an email list that goes to your millennial and Gen X customers and heavily promote to this list. Also, spend most of your time promoting to men, as they will spend more on flowers. Of course, don’t forget the rest of your list — just focus on these demographics to maximize your return.
• Promote on Facebook and Instagram to reach millennials
Millennials use Facebook more than any other demographic and spend a lot of time on Instagram as well. So, since this demographic is most likely to spend money on Valentine’s Day gifts, focus your promotional efforts on these two social media platforms.
• Write compelling subject lines to increase email open rates
You can easily improve your email open rates from the industry average (17%) by creating subject lines that your customers are more likely to open. “Limited time,” “% off,” “today only,” and “exclusive” are just some of the words proven to increase open rates. Remember to focus on your special discounts and offers to reach those last-minute shoppers.
These are just a few ideas to help you increase your revenue this Valentine’s Day. We can’t wait to see what ideas you come up with — and hear about your results!