Knowing how customers will be spending this Valentine’s Day is key to your success
Valentine’s Day is perennially one of the biggest days of the year for the floral industry. You know this. What you may not know is that consumer trends have evolved over the past few years, and thoroughly understanding them will help you make the most out of this very lucrative day.
Let’s start with how much consumers spend
Over the past decade, Valentine’s Day spending has steadily increased, hitting a record high in 2016.
While 2017 spending dropped somewhat, it was still the fourth highest for the decade at over $18 billion.
The amount consumers are spending remains high but what, and whom are they spending it on? Jewelry and Evenings Out are the two biggest categories of spending each year, with Flowers at number three, at around two billion dollars purchased last year alone. And for the past few years, Valentine’s Day spenders have not only purchased for their significant other, but also for family members, friends, co-workers and even pets!
As for where consumers buy their Valentine’s Day gifts, this hasn’t changed too dramatically – which is excellent for florists. In recent years, the rise of e-commerce has been giving brick-and-mortar retailers a tougher selling climate; however, this does not seem to hold true for Valentine’s Day spenders. A study of 7,591 consumers by the National Retail Foundation found that only 27% will shop online for Valentine’s Day, and while many will shop in department stores and discount stores, nearly 20% will buy from florists. So, with increased consumer spending and a majority of them walking into stores to purchase their flowers, how do you take full advantage of this? By tapping into another key consumer trend: their increasing desire for VALUE. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget,” National Retail Federation President and CEO Matthew Shay said. “Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
So now that you know what, where and how your customers will be using their Valentine’s Day dollars, your ability to offer them a truly personalized experience will help you stay top-of-mind when they are deciding what to give for Valentine’s Day.
Share your Valentine’s Day promotions across all social media platforms.
Offer your best customers a loyalty discount. Promote flowers as a gift not just for a significant other, but for family, friends, teachers and – well, even pets.
Take full advantage of these consumer trends this Valentine’s Day – and watch your sales hit a whole new level!