Valentine’s Day 2021- Trends and Forecasts
Everyone is playing love sonnets for a successful Valentine’s day 2021, to get over the set backs of 2020. As the Valentine’s holiday holds credit of being one of the largest sales week of the year, which generates 30 -40 percent of the year’s total holiday revenue , a successful Valentine’s Day in 2021 will be crucial for the growth across the entire industry.
Total Valentine’s spending in 2021 is expected to exceed $25 billion in retail revenue.
A pleasant weather and a steady product supply in 2021 will tilt the scales in favor of the retailers. However, as Valentine’s Day is falling on a Sunday this year, it is likely to dampen the mood and the shopping fun of Valentine’s Day to some extent . Reduced labor, or less customer traffic are likely to be factors that can cause a potential downside. However, a clear forecast will only emerge as Valentine’s week progresses.
According to the National Retail Federation (NRF), an average Valentine customer in 2020 had spent almost $200 each – which was 21% more than the prior year’s figures. However , as Valentine’s day is falling on a Sunday, which is not the best day for Valentine to fall on, the trends will be difficult to predict.
People in the age group of 18-24 plan to spend an average of $109.31 whereas ages from 25-34 – with a higher disposable income expect to spend $307.51. The age group from 35-44 will be the biggest spenders at $358.78. As in each year of the survey, men plan to spend more than women.
Understand Your Customer preferences
A noticeable trend in recent years has been a sharp decline in the number of customers shopping for romantic gifts for their lovers or spouses. More customers are spending their dollars on Valentine gifts for co-workers, children, teachers, friends, and even pets! In fact, 50% of all Valentine sales are purchased for recipients other than a romantic partner! So, retailers can stock up gifts in these segments to bring in more footfalls and stand out in the competition
Fun Fact: 27% of all Valentine customers will purchase a Valentine gift for their pet!
Diverse Gift category
The Valentine’s Day gift category is expected to be a fair mix of both romantic and non-romantic gifts. 40% of all Valentine gifts purchased are likely to be flowers and plants. Only 17% of the total Valentine customers buy these gifts . So, retailers should ensure to create a diverse shopping experience for your Valentine customers by offering more custom Valentine’s day gifts.
Contact less Shopping
It’s quite certain that the health and safety will continue to be on your customers’ minds in 2021. Even if business are functioning in a near normal way, make sure to offer safe and contact less shopping options to make the shoppers feel reassured. It is a great time to offer home delivery , enhanced online shopping, and curbside order pickup.
Valentine’s Week 2021 will be a perfect time to engage the customers with some fun shopping experience, contest prizes and more. You can even think of creating a curbside selling event to make it all the more special for your customers! Serve a treat or beverage while the customer shops in their car and keep your curbside store stocked to the full to sell smart! It will make your stores as a fun place to be for the whole family rather than just a place to shop.
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