We hardly have to tell you that Wednesday, Feb. 14, is Valentine’s Day: Retail and the media have been trumpeting it since Dec. 26. And why not? It may not be Christmas, but it is a big shopping day, with consumers expected to spend $25.8 billion, according to a survey by the National Retail Federation (NRF) and Prosper Insights & Analytics. This includes “a new high of $14.2 billion on their significant others or spouses this year, or a record $101.84 per person.”
Members of the 35-to-44-year-old demographic are the most keen on treating their sweeties (and their pets). And while cards and candy still rule, do not discount jewelry, flowers or an evening out, though some are looking to the experiential.
“Classic gifts like candles, jewelry, pajamas and perfume are certainly popular,” Shopify President Harley Finkelstein told NRF. “But we’re also seeing shoppers opt for nontraditional gifts focused on experiences, like recreating your favorite cocktail at home with a new barware set, planning for an upcoming adventure with travel accessories or elevating couples’ game night with table shuffleboard.”
For younger groups, celebrating a traditional Valentine’s Day is no longer a must, with 53% of 18 to 24 year olds and 42% of 25 to 34 year olds not marking the day per se. But even they are not immune to Eros’/Cupid’s arrows, so to speak. They’ll be sharing the love with special treats for themselves and get-togethers with singletons and family.
And don’t forget Galentine’s Day, Feb. 13 – a day for female friendships and empowerment.
