What sales can we expect on Valentines day?

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What sales can we expect on Valentines day?

Valentine's Day Sales Statistics

According to the National Retail Federation in Washington, D.C., retail sales for most Valentine's Days in the past averaged nearly $14 billion dollars. Much of what is spent is for flowers, candy, romantic dinners, lingerie and jewelry.

However, 2020 sales are expected to reach $20.7 billion with individual spending at an average of $161.96.

It should also be noted that the number of people who celebrate this holiday have decreased. Also, those under the age of 35 years old are not celebrating Valentines Day the way those over the age of 35 do.

According to the National Retail Federation Interestingly between 11 and 17 percent of people will purchase gift cards. This indicates this is a holiday that goes deeply into personal feelings and emotions and the cost of gifts.

Online vs. In Store Shopping

With the busy world we live in today, it is surprising that only 28 percent of sales will be done online vs. 38 percent of sales finalized in department stores for Valentines Day.

Some consumers are finding other ways to present gifts to loved ones. These include concert tickets or a day at a spa.

What Retailers Can Expect on Valentine's Day

Retailers can expect sales to increase by about $3 billion more than was spent in 2019. The quirky issue is that on an individual spending basis, consumers will spend less for gifts in 2020 than the previous year.

These figures point out changes in the kinds of purchases made by consumers. For example, florists find that while Mothers' Day and Easter show a boost in sales, Valentine's Day shows the biggest sales for an annual holiday. For retailers like FTD and Teleflora, men represent those who are most likely to buy flowers. As a result, some retailers refer to the holiday jokingly as "Galintines Day."

The Society of American Florists reports that "29 percent of adults purchased flowers or plants as gifts for Valentines Day 2009—of these, 58 percent were men and 42 percent were women."

Preparing for Expected Sales

For many retailers preparations for Valentine's Day begins within weeks after Christmas. This is the time to implement creative, festive ads, promotions and discounts that attract customers to department stores and websites.

Sales Strategies to Consider

For same day holiday buyers, however, sales strategies need to address adequate stocks and supplies of chocolates, flowers, candy and to encourage personalized gifts well in advance of the holiday.

To increase retail sales, it is necessary to review the prior year's sales and factor in 2020 changes to buying habits in order to calculate the need for increases in supplies and staffing.

Offer additional holiday "extras" such as gift wrapping, gift baskets made in your own store and set up a store consultant to help customers choose gifts.

Avoid Same Day Sales Problems

Most florists experience same day sales on Valentine's Day as opposed to other holidays where order are placed a week or more for floral arrangements for gifts. Don't forget to place sales ads in highly visible local sources.

For online sales of gifts, send a business Valentine's Day card that increases traffic to your website through social media posts and blogs.

This entry was posted in Saving Tips by Serena

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