2015 Valentine's Consumer Trends
Each year several industries have a major uptick in sales around the second week of February. It doesn't take a career in business to know that greeting card companies, florists and chocolatiers gear up for the holiday of love: Valentine's Day. According to the National Retail Federation's Valentine's Day Consumer Spending Survey the average person who celebrates the holiday will spend $142.31 for candy, clothing and more. Last year the average price was $133.91.
Each year the NRF, the largest trade association in the world, surveys consumers in early January to establish the trends in Valentine's spending. For the 2015 survey, Prosper Insights and Analytics polled 6,375 consumers about what they plan to buy, how they will spend V-Day and who they are gifting this year.
According to the NRF survey, 37.8 percent of those celebrating the holiday will buy flowers, 35.1 percent have plans to partake in a night out at the movies or going to a restaurant. One in five of those surveyed plan to spend an average of $5.28 on their pets this holiday. Over half said they would be spending money on family members that are not their significant others and their children's classmates or teachers.
People were most likely to buy candy, then flowers, with greeting cards and an evening out coming in last on the priority list. Women were more likely than men to buy clothing, 18 percent of female participants planned on buying apparel versus 14.5 percent of men. But male participants plan to spend an average of $124.55 whereas women plan on spending an average of $57.88.
Where are people spending their V-Day money? This year about 35 percent will make purchases at discount stores, 35.5 percent at department stores, 7.9 percent at specialty clothing stores and 13.3 percent at local small businesses.
Some of the survey participants indicated that they would not be participating in Valentine's Day celebrations. Of those people around 3 percent were likely to purchase an "anti" Valentine's gift. Those ages 18-24 were almost twice as likely to do so. Around 9.5 percent were planning to purchase a spa service, clothing, jewelry or other items as a special treat for themselves on the big day.
This article is sponsored by Western Governors University, a nonprofit, accredited, online university. WGU offers online bachelor degree programs in business and online MBA programs. To find out more, please visit www.wgu.edu/wisecareers_business