J-Lo famously sang that love don’t cost a thing, Luther Vandross and Janet Jackson reminded us that the best things in life are free and The Beatles said that money can’t buy anyone love.
However, several reports suggest that Valentine’s Day spending will reach record highs in 2020. So, when it comes to Valentine’s Day, how has consumer behaviour evolved and what does this mean for retailers?
Valentine’s Day Research 2020
Drapers recently reported that Valentine’s Day spending is set to be worth just over £1bn in 2020, up 0.6% on 2019.
To add to this, the USA’s National Retail Federation (NRF) has released research that suggests they expect to see spending rise. In their annual research, they predict record spending for Valentine’s Day 2020, with consumers saying that they plan to spend an average of $196.31 – an increase of 21% from last year. With 55% of those surveyed saying that they plan on taking part, spending is expected to reach $27.4bn, which is a steep hike from 2019’s record $20.7bn.
How can retailers make the most out of this spending increase?
The rise of Valentine’s Day spending highlights the need for three key areas: consistent product information, ease of accessing new markets and a positive, joined-up customer experience.
In order to purchase gifts for loved ones, consumers need to be able to make informed decisions and, with many competitors trying to muscle in on another retail holiday season, it’s imperative that brands can stand out from the crowd. Including detailed, relevant product information with a range of images and videos will help customers to find the perfect gift, with a PIM software helping retailers to gather, enrich and publish the data to all the relevant channels.
With the new and evolved Valentine’s Day not just being for those in relationships (or even just for humans!), retailers need to be able to reach new markets with ease. OMIO PIM has built-in integration with all selling channels, meaning that it’s never been easier for retailers to get their products out to new markets and their audiences.
Whatever a brand sells and wherever they sell it, the most important element that unites all retailers is the necessity to provide brilliant customer service and a frictionless customer journey. Having specific content for a specific audience adds to this, with no duplicate or incorrect data (or even a lack of product information at all). OMIO PIM has been specifically designed for retailers wanting to futureproof their digital strategy, now and in the years to come.
How has consumer behaviour evolved?
Valentine’s Day is certainly not new in the retail season holiday event calendar, but the ways in which consumer behaviour has adapted and how they are engaging with retail both online and physically has developed.
In Drapers’ article, Zoe Mills, retail analyst at Globaldata, said: “Single’s Day in China has been a massive success and retailers in the UK are trying to open up Valentine’s Day to a wider audience. Retailers should include self-gifting in their marketing campaigns for Valentine’s Day to appeal to more individuals while still targeting the traditional audience with gifts for him/her.”
In her article, Katherine Cullen, NRF’s Senior Director, Industry and Consumer Insights, said: “While items like jewellery, candy or flowers remain popular, consumers are increasingly interested in creating memorable experiences. This year, 28 percent of consumers are planning a gift of experience for Valentine’s Day, jumping to nearly half among millennials between the ages of 25 and 34.” This also gives hospitality brands an opportunity to become involved, and not just for hotels or restaurants.
We hope that love is in the air for your brands this Valentine’s Day.