Let’s see who the big spenders are this Valentine’s day
There will be fewer US consumers celebrating Valentine’s Day this year, according to a survey carried out by the National Retail Federation (NFR). But those that will plan to spend a predicted total of $20.7 billion, up from $19.6 billion (5.6%) last year.
Since 2009, the number of celebrants steadily declined—dropping from 63% to 51%. NFR isn’t sure why, but statistics suggest that younger generations tend not to celebrate. Instead, they treat themselves to an anti-Valentine’s Day gift or spend time with their single friends.
Here’s some food for thought: consider a mobile marketing campaign geared towards single people or for those that are indifferent.
How much do they plan to spend and on who?
Spending steadily grew from an average of $103 per person in 2009 to predicted $161.96 this year.
Men plan to spend $229.54, up 20% from last year; and for women, about half that amount at $97.77, down 1%.
Age plays a big part in the spending average. People between 35 and 44 plan to spend the most at $279.14 on average per person; and those between 25 and 34 at $239.07. NRF believes that these age groups have to consider gifts for their children and their children’s classmates and teachers.
Source: National Retail Federation & Prosper Insights & Analytics 2019
What consumers plan to spend their money on:
The highest spend will be on jewellery. If we extrapolate the data, it’s not a surprise since most people plan to spend money on their spouses and significant others.
Source: National Retail Federation & Prosper Insights & Analytics 2019
Gifts of Experience (%):
Here’s an interesting statistic. There are more people (40%) that want to receive an experiential gift than those (25%) that plan to give one. This gap in supply and demand presents a massive marketing opportunity.
Gifts of experiences include tickets to an event, vacations, or spa treatments for example.
Source: National Retail Federation & Prosper Insights & Analytics 2019
Shopping Destinations (%):
Of those surveyed, department, discount, and eCommerce stores are the top three shopping destinations. Send an SMS marketing campaign to remind them to choose your business, and make sure to make a generous offer to encourage them to take action.
Source: National Retail Federation & Prosper Insights & Analytics 2019
Final thoughts
Despite the decrease in the number of consumers celebrating Valentine’s Day, there’s an increase in spending from those that are. And just because they don’t celebrate Valentine’s Day doesn’t mean that they aren’t celebrating, if you get what we mean. So don’t forget to send an SMS marketing campaign for the singles out there. They can spend a lot too, as seen during Alibaba Singles’ Day. If you need ideas, check out our SMS Templates Valentine’s Day to help you get started.
