As February 14 is filling the air with love and people start contemplating Valentine’s Day gift ideas, retail businesses have a unique chance to gain momentum and get their own slice of an $18.9 billion cake.
But what actually sells on Valentine’s Day and how?
Here is a good guide that will give you a glimpse into customer behavior during the holiday season and give tips on catering to modern Valentine’s Day shoppers.
Valentine’s Day Consumer Insights
No, this is not only about hearts and flowers. Modern market research software allows analyzing a wealth of customer sales data and survey responses and gives a better picture of what Valentine’s Day shopping is about. Here are the main customer insights to know:
- Searches for gifts start three weeks before Valentine’s Day and peak 24 hours before the moment.
- The most common gifts include a night out, smartphones, clothing, jewelry, chocolate, and flowers. Gift cards and certificates gain popularity too being the gift idea of 16% of consumers.
- Mobile sales increase during the weekends and peak on the weekend preceding Valentine’s Day with 53% of orders being made on mobile devices.
- An average amount spent on a Valentine’s Day gift is $142, which is higher than most retailers assume. Buyers aged 23–29 are the most likely to fork out on Valentine’s celebration with an average spend of $266.
- Men make a better converting target audience as they are more inclined to spend on their significant others and plan to spend more compared to women: While an average man plans to spend $339 on the Valentine’s Day celebration, women plan to spend just $64 on their spouse or partner.
- Millennials and Gen Zers have been redefining Valentine’s Day, 73% viewing the day as a chance to show affection to significant others — family, friends, co-workers, and pets — not necessarily romantic partners.