Valentines 2006:Where Will The Sweethearts Spend Their Billions?
By: Harmony Thiessen
You had better sit down! You won’t believe these figures.
Consumers spent a WHOPPING 13.2 BILLION dollars in 2005 for Valentines and they intend to buy more this year! You heard me right. People are buying, and buying big, to support the heart shaped marketing vacuum for varied demonstrations of undying love. (In 2005, the US consumer invested $13.2 billion dollars in celebration of love and romance.)
You know the laws of physics – nature abhors a vacuum and we are about to fill it with chocolates, flowers, jewelry and greeting cards.
Men spend almost twice the amount women spend with the average male spending $135.67. Jewelers are going to see more hungry buyers: 22% of men preferring something shiny to something smelly (flowers). If you are a florist, hold your horses, you are still in good shape. Approximately 52% still want flowers of all kinds to cast a magical love spell on someone special.
Why is there all this gallantry over Valentines? What brought us here? Well, historians disagree on this one. Some say it was for St. Valentine who was martyred because he would not give up his faith. Others say, St. Valentine gave a note to the jailor’s daughter and signed it, “your friend St. Valentines”. Known as the Patron Saint of Lovers, St. Valentines left us with a legacy of writing poems and notes to those we love.
Those notes are making some retailers truck loads of cash. Let’s take a peek at who is buying what for Valentines in 2006:
According to the National Retail Federation 2006 Valentine’s Day Consumer Intentions and Actions Survey, consumers will spend on average $101 on gifts this year.
**47% of consumers will go for candy
**33% of consumers will buy flowers
**Make reservations! A hungry crowd of 42% intend to spend the night on the town
**Diamonds, pearls and all things shiny – 14.6%
**And for those slightly less romantic types – cash in the form of gift cards or certificates should do about 11%
Sex is not the only criteria for Valentine’s gift giving. Although the average person will spend the majority of their budget on their significant other or spouse, they intend to share almost $21 on other family members, over $5 on friends, $3.52 on children’s friends and teachers. Even babysitters get a physic hug with an additional $4.38 to be spent sharing the love.
Don’t think for a minute that Valentine’s is about the young. Middle-aged baby boomers are in for a penny and in for pound: they plan to spend $128.78 each. (Do we send Valentines gifts to ex- husbands, wives, and lovers? Help!)
Young people seem to favor more creative and inexpensive ways to celebrate Valentine’s Day. Perhaps poems are coming back in style.
TIPS FOR RETAILERS AND SERVICE PROVIDERS AND PROFESSIONALS:
Emotional moments and mementos SELL.
RED is a popular color this month and people will tolerate quite a bit of it.
GIVE IDEAS to your customers - what could they do for their loved ones?
NOTICE the trends - for goodness sake, people buy for the lawn boy!
If you sell insurance - think of their loved ones, think of packaging the product.
Make sure you have the right price attached - again, note the trends.
Last minute is okay - you still have time to think and act.
In closing, I offer a few mementos of love for those of you who like me, would appreciate a simple phone call with 3 lovely words: “I love you,” but will settle for diamonds.
**Men purchased an estimated 180 Million roses last year (Society of American Florists)
**As for cards, the line us goes as follows: Christmas, Father’s Day, and you guessed it Valentine’s Day
**Chocolates will fill more than 36 million heart-shaped boxes of chocolate. (National Confectioner’s Association)
Harmony Thiessen is a business strategist for growing small businesses. Harmony has consulted and taught on business and marketing strategies for over 20 years and owns several businesses herself. Her website http://www.smartmarketingsense.com offers subscribers complimentary business strategies and marketing tips.