Like a teenager plucking petals to determine if they have a shot, retailers have been doing the same with consumers for decades on Valentine’s Day. And over the past few years, they’ve landed in their good graces. But 2017 saw the first projected decline in spending for the holiday at $18.2 billion, down from a record-high of $19.7 billion the previous year. Regardless, it’s clear that Valentine’s Day is still largely a holiday where consumers are willing to spend a pretty penny to make sure the apple of their eye is satisfied. So, what does that ultimately mean for businesses?
It means that getting your Valentine’s campaign ready should be a priority before January bows out in favor of February. Tapping into the sentimentality of your consumer base will be most effective before they realize Valentine’s is upon them. The National Retail Federation reports, “’Valentine’s is one day of the year when millions find a way to show their loved ones they care, regardless of their budget. 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.’”
The key point here is that budget isn’t a huge concern for most people, but they’ll also be more inclined to entertain products and services that seem like worthy bargains. Solidifying deal language, emphasizing key avenues that are relevant to your audience and executing on those desires for a deal will go a long way in having consumers show their love for your business, with their wallets.
But that begs the question; which demographic will be worth marketing towards? NRF and Prosper Insights & Analytics assert that planned recipients of Valentine’s gifts will be spouses or significant others for 90% of those surveyed, in line with conventional wisdom. 53.8% of those surveyed planned to purchase gifts for family members as well. Romantic couple-focused branding and deal creation still reigns supreme as the majority of sales will be coming from that sect of the Valentine’s shopper crowd. Regardless, Valentine’s Day remains a highlight for businesses and retailers for Q1.
Make sure your business is ahead of the game when it comes to securing a piece of the Valentine’s pie. That’s the best way to show your bottom line some real love.