Valentine’s Day is a day for love and it’s not only evident on the countless red heart cutouts on window displays, but also on how much people spend to show some love this romantic holiday.
Valentine’s Day Spending
Valentine’s Day is one occasion when you feel extra thoughtful and caring to express your affection to someone. However, doing so usually comes with a price tag, particularly with the gifts that mark up as the special day nears.
But no matter how commercialized or pricey Valentine’s day seems to be, there’s no stopping the romantics from giving in to the trend that this special day has created.
Valentine’s Day Across the Globe
One study in UK found that the average spend on Valentine’s Day is $45 (P3,157). The same infographic established that 49% of people over 55 who celebrate the day plan their spending the week ahead, whereas 40% of those 24 years and younger plan two weeks in advance.
In the Philippine setting, Valentine’s Day is easily distinguishable by a steep increase of prices in the flower market, with red roses normally experiencing a fivefold hike in its regular price. This fact doesn’t come as a surprise as a previous survey conducted by GE Money shows that among 8 Asian countries surveyed, Filipinos celebrate V-Day the most.
These studies only imply that the day of the hearts is no longer exclusive for couples and lovers alone. Throughout the years, it has also become a special occasion for business and entrepreneurs who wish to take the most out of the high-spending season.
If you’re looking into a business opportunity, these predictions tell you that it’s the best time to start – and to convince you further, here are other trends, supported with statistics, that you should know:
1. Valentine’s Day gift-givers will be more frugal.
In the 2017 National Retail Federation (NRF) survey, it is predicted that Valentine’s Day will remain a popular gift-giving occasion, except that consumers will become more frugal.
What to Do: As consumers will look for the best deals and bargain prices, it’s important to offer them ways on how they can save money. Offering buyers discounted prices is a surefire way to attract other people into your store. It’s one way to increase your sales and build your reputation at the same time.
2. Nearly 4 out of 10 people who celebrate Valentine’s Day will treat their dates on a dinner.
NRF also predicted that 38.3% of holiday spenders will cash out a total of $4.5 billion (P228.24 billion) for a dinner at a restaurant or another experience -- the highest record since NRF began tracking spending in 2010.
What to Do: Valentine’s Day is a big money maker for restaurants. For this season, consider introducing a new menu or offering some freebies to entice customers to book reservations at your place. A wine tasting dinner can also pass as a unique promotion.
3. The gifts of experience will be a hit.
Additionally, while most shoppers are willing to spend billions on jewelry, flowers, clothing and other material gifts, 24% of them are planning to give their significant others with gifts of experience.
What to Do: Experiential gifts bring far more satisfaction to people than a material gift. If you’re running a business that offers learning courses, vacation tours or discounted subscriptions to entertainment, then you’re one of those that will benefit from the growing demand on these gifts.
Apart from their significant others, the survey concludes that consumers will also spend on their parents, children, co-workers and pets -- and to make the most out of this season, it’s also important to offer something that will target this market.
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