Boasting both Valentine’s Day and the Super Bowl, February is shaping up to be a good month for retailers and the economy. Survey data confirms this to be true. Take for example, the NRF 2011 Valentine’s Day Consumer Intentions and Actions Survey, conducted for the NRF by BIGresearch, which gauges consumer behavior and shopping trends related to Valentine’s Day. The poll of 8,913 consumers was conducted from Jan. 4-11, 2011.
According to the survey, the average US consumer will shell out $116.21 on traditional Valentine’s Day merchandise this year, up 11% from last year’s $103. Total holiday spending is expected to reach $15.7 billion, also up 11% from $14.1 billion last year.
As usual, men will spend the most on Valentine’s Day gifts. The average man plans to spend more than twice as much ($158.71, up 17% from $135.35) as the average woman ($75.79, up 5% from $72.28).
As you might expect, jewelry tops the list of retail sectors when it comes to dollar amount. Consumers will shell out $3.5 billion on jewelry this Valentine’s Day, up almost 17% from an estimated $3 billion last year.
Incidentally, pets will also be feeling the love this year; the average person expects to spend $5.04 on Valentine’s gifts for their pets, up a significant 54% from $3.27 last year. If you’re budget is a bit larger and you’re looking for a unique gift for the pooch that has everything, might I suggest the Tokyo Hip Satin Bomber Jacket?
Stuffed animals always factor largely into Valentine’s Day. And if you want to give to your little ones and support a great cause, you can join the Build-A-Bear Workshop from Build-A-Bear, an Epicor customer, throughout the month of February in supporting The Children’s Heart Foundation (CHF), which works to advance research of pediatric congenital heart defects. While there, don’t forget to sign up for their Stuff-fur-Stuff club; it’s a great example of a best-in-class retail loyalty program. You can sign up online at: http://mystuff.buildabear.com/ContentPages/LogIn.aspx
Happy Valentine's Day!
Posted by Dave Burton, Director, CRM Product & Services, Epicor