With the most significant day in the retail calendar so far in 2018, Valentine’s Day continues to grow in stature by becoming a favourite with UK shoppers with almost half planning to purchase something to celebrate. With a recent survey finding that 39% of shoppers expect to spend more on Valentine’s Day this year than they did in 2017 – this certainly is shaping up to give retail a solid start to the year.
Valentine’s Day is even more popular now than Easter in terms of consumer spend, with this retailers have a massive opportunity to capitalise on a lucrative early start to the year. Savvy retailers will be sure to respond to this by increasing their Valentine’s ranges of both premium and personalised gift options as consumers increasingly prefer to spend a bit more money on quality gifts.
How much are consumers spending?
With an average spend of nearly £30 per person to mark the occasion tomorrow – Valentine’s Day continues to transcend age with all generations afflicted with the Love Bug! A near equal amount of millennials (68.8%), Gen Xers (69.3%) and baby boomers (68.4%) are planning to celebrate in some way. On average, Gen Xers are spending the most with £33.94 per person, followed by millennials at £25.75 each and then baby boomers with £25.47.
How are consumers spending their money?
Most intend to treat their husband or wife at 59.6%, followed by 28.2% spending on their boyfriend or girlfriend. Flowers still come in at the top of the love list with £102 million estimated to be spent tomorrow! Food and drink treats still continue to dominate with an estimated £53 million being spent on chocolate alone.
Locking in Loyalty
A retail event such as this is a prime opportunity to reach out to new audiences and new demographics. It’s also a great way to make the most of your brand. At Acopia – we are experts in helping retailers make a big splash! Nothing says special more than fancy gift bags and gorgeous tissue papers when making that Valentine’s Day purchase. That little added touch of luxury when a customer has bought a treat for themselves, or a gift for a friend or relative, all adds to the occasion of purchasing, giving and receiving – and who doesn’t appreciate a gift presented in lovely packaging adorned with ribbons and bows!
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Stats from Mintel and Savvy