Valentine’s Day is one of the largest consumer holidays. It’s also the first major holiday of the new year, meaning consumers are ready to celebrate (and spend) again after Christmas and the New Year.
From flowers to candies, Americans don’t hold back when it comes to Valentine’s Day spending. Last year, Americans spent approximately $20 billion on flowers, dinner, jewelry and more. On February 14, consumers want to spoil their loved ones, and they’re counting on your business to help them make that possible. Here are 10 stats to help your small business prepare for, and make the most of this major consumer holiday
1. 54.8 percent of Americans surveyed said they planned to celebrate Valentine’s Day.
That’s a lot of shoppers looking for the perfect gift over the next few weeks. The holidays give you an excuse to reach out to customers without seeming like you’re trying to pitch a sale. Use February 14 as an excuse to send out a holiday-themed newsletter, try a new promotion, or run some advertisements to increase awareness of your business. Celebrating a holiday is a great way to get customers’ attention.
2. Nearly 50 percent of consumers said they plan to buy candy.
3. 34.3 percent of consumers said they planned to buy flowers.
4. 17.3 percent of people said they would buy jewelry; 34.6 percent said they would spend money on dining; and 14.4 percent of shoppers said they would purchase clothing.
If you’re in the candy, floral, jewelry or clothing business, February is your time to shine. Promote your products on social media; live steam a video of the activities happening around your office; run print and digital advertisements to increase awareness. Whatever you do, just make sure customers are aware you’re selling what they want for the holiday.
5. Consumers last year were predicted to spend approximately $1.7 billion on candy.
6. Shoppers spend an average of $146.84 on Valentine’s Day gifts.
Creating a coupon or promotion might encourage them to spend even more.
7. Consumers aren’t just shopping for significant others.
On average, they spend $27.79 on others, like friends, family and children. It’s also common for shoppers to give gifts to co-workers and/or pets. Don’t just sell romance!
8. 27.9 percent of shoppers order their Valentine’s Day gifts online.
Utilize online advertising in the weeks leading up to the holiday to drive customers to your website.
9. 24 percent of shoppers surveyed said they planned to give a gift of experience (i.e., concert tickets, a vacation, tickets to a sporting event).
10. Approximately 15.4 percent of consumers said they would shop small, at local businesses.
Placing an advertisement in the weeks prior to Valentine’s Day can increase consumer awareness of your small business.
Valentine’s Day has a huge impact on businesses both small and large. The major consumer holiday tends to boost the economy, and can give business an little lift at the beginning of the year. Take advantage of this opportunity by advertising both online and in print in the weeks leading up to February 14.
If you don’t have the budget to advertise, take a little time to create promotions and giveaways on social media. Shoppers are actively looking for the perfect gift during this time of year, but they’re not going to buy from companies they don’t know about. Increase your awareness by showing potential customers all of the amazing gifts you have to offer for the holiday.
If you’re interested in having your product featured on one of our Valentine’s Day Gift Guides, click here to learn more.