If you’ve somehow missed the bevy of pink and red decorations taking over retailers everywhere, it’s Valentine’s Day on Monday. According to the National Retail Federation, spending this year will reach a record high of $19.7 billion. This will be driven by the 54.8% of shoppers who will celebrate the holiday in some way this year that will each spend an average of $146.84. The growth of the value for this retail occasion is heavily influenced by consumer prioritization of experiences over material objects, which can easily lead to greater spending. This year, 38.3% will treat their special someone to a dinner out, tickets to a show, or some other experience.
Seeing significant growth this year is purchasing for Valentine’s Day using smartphones and tablets. This is largely attributed to female and Millennial shoppers. This demonstrates shoppers becoming more comfortable making mobile purchases while simultaneously making mobile and digital even more imperative for brands wanting to connect during this shopping occasion. The user experience, convenience of purchasing, and simplicity in the shopper journey will make it or break it when it comes to actually getting into a shoppers’ virtual cart.
Just remember, if your special someone says there’s no need to celebrate Valentine’s Day this year, odds are good they don’t really mean it.
Image Source: Forbes