If your retail or ecommerce business has been struggling through the pandemic and lockdowns, you may want to work some overtime on your Valentine's Day Campaigns as it appears this is going to be a record year for spending – despite the economic challenges! Perhaps spending more time at home with our loved ones is igniting the flames of love… or requiring us to make amends (kidding).
A National Retail Foundation survey predicts consumers plan to spend an average $196.31, up 21% over last year’s previous record of $161.96. Spending is expected to total $27.4 billion, up 32% from last year’s record $20.7 billion.
Valentine's Day Ecommerce Statistics
According to the National Retail Foundation, Valentine's Day is no longer just a day to show your appreciation of love of your spouse. Consumers are buying gifts for their significant others, their kids, their teachers, co-workers… even their pets! 15% of Americans even buy themselves a Valentine's Day gift.
- Consumer Spending – consumers say they will spend an average $30.19 on family members other than spouses, up slightly from $29.87 last year; $14.69 on friends, up from $9.78; $14.45 on children’s classmates and teachers, up from $8.63; $12.96 on co-workers, up from $7.78; $12.21 on pets, up from $6.94, and $10.60 on others, up from $5.72.
- Valentine's Day for Pets – 27% of consumers say they will buy Valentine’s gifts for their pets, the highest figure in the history of the survey and up from 17 percent in 2010 for a total $1.7 billion.
- Spending by Age – Ages 18-24– plan to spend an average $109.31. Ages 25-34 tend to have higher incomes and children to buy for and expect to spend $307.51. Ages 35-44 are the biggest spenders at $358.78.
- Spending by Gender – As in each year of the survey, men plan to spend more than women at $291.15 compared with $106.22.
Top Valentine's Day Shopping Categories
- Date Night – $4.3 billion will be spent on a special night out by 34% of Valentine's Day participants.
- Candy – $2.4 billion will be spent by the 52% of consumers who plan to participate in Valentine's Day gifting – with 22% planning to give chocolate.
- Jewelry – $5.8 billion will be spent by 21% of celebrators who plan to participate.
- Flowers – $2.3 billion will be spent by the 37% who plan to participate.
- Gift Cards – $2 billion will be spent on gift cards this year.
- Greeting Cards – $1.3 billion will be spent on Valentine's Day greeting cards.
The bottom categories include tools, gym memberships, sporting equipment, kitchen appliances, stuffed animals… and mixtapes (do people still do that?!).
Valentine's Day Campaigns
Keep in mind that money is still tight for many consumers this year and many participants in Valentine's Day gift-giving will be done last minute… so get your campaigns started and keep them going right up to the day that you can deliver!
We've shared another article and infographic with some great Valentine's Day Social Media Contest ideas!