By Pat Hong from Valentine’s Day is this Saturday, and U.S. consumers are expected to spend more than $18.9 billion – a record high boosted by increased digital sales. February 14th is an important date in the marketing calendar, and the statistics show it isn’t just couples making purchases for each other. Recent years have seen people buying gifts for other family members, co-workers, classmates, teachers, and pets – or even self-gifting. Here are the key stats and facts marketers need to know about how consumers are spending on the most romantic day of the year.
Valentine’s Day Stats
U.S. Consumer Spending
- Consumers are expected to spend $18.9 billion on Valentine’s Day 2015, up from the $17.3 billion consumers spent on the holiday in 2014.
- 54 percent of Americans will celebrate Valentine’s Day with their loved ones this year, slightly less than the 60 percent in 2013.
- The average person is expected to spend $142.31 on typical Valentine’s Day gifts, such as candy, flowers, and jewelry, up from the $133.91 they spent last year.
- On average, men will spend $190.53 on their significant others, while women spend $96.58 on their partners.
- 53.2 percent of consumers, will opt for something sweet, with total candy spending expected to reach $1.7 billion.
- Consumers will also spend generously on flowers, with 37.8 percent of consumers spending $2.1 billion on flowers.
- Big spenders looking to make grand gestures of love, 21.1 percent of consumers will spend $4.8 billion on jewelry this year.
- Jewelry was the most expensive gift purchased overall by the 35- to 44-year-olds, with an average spend of $210.30. (business2community.com)
- More than half (51.2 percent) of consumers will send Valentine’s Day greeting cards.
- 35.1 percent of consumers will spend $3.6 billion on travel and entertainment plans such as a special weekend away, or a trip to the movies.
- 15.8 percent of consumers will give gifts such as clothing, accounting for almost $2 billion in spending.
- 14 percent of consumers will give gift cards to their better halves, accounting for $1.5 billion in spending.
- 37 percent will celebrate with an evening out, spending an estimated total of $3.5 billion.
- These days, Valentine’s Day isn’t just for couples; people also show their appreciation in the form of gifts for family members (59.4 percent), friends (21.7 percent), teachers (20.4 percent), and colleagues (12.1 percent).
- Consumers will, on average, spend $26.26 on family, and $6.30 on classmates/teachers.
- 21.2 percent of consumers will also spend on their pets! Spending an average of $5.28 each, for a total around $703 million.
- Adults age 25–34 will spend the most out of all the age groups surveyed, spending an average of $213.04. 35- to 44-year-olds will spend an average of $176.21, and 18- to 24-year-olds will spend an average of $168.95.
- Consumers 65 and older feel less of a need to celebrate Valentine’s Day than any other age group. (business2community.com)
- 25- to 34-year-old consumers spent the most on co-workers with an average spend of $83.80. (business2community.com)
- Most consumers (36.5 percent) will visit department stores to pick up a gift, with others visiting department stores (35.2 percent). A fair proportion will visit specialty stores (19.4 percent) and florists (18.7 percent) in their search for the perfect gift.
UK Consumer Spending
- Brits are predicted to spend a healthly £1.9 billion on Valentine’s Day this year, up from £1.3 billion last year, with the average per person spend estimated to be around £53.38.
- In total £557 million will be spent going out on dinners, £461 million on gifts, £211 million on flowers, £173 million on drinks, £115 million on chocolates and £57 million on cards.
- Men spend more than women with an average of £70.47 compared to £39.58.
Online Spending
- Online Valentine’s Day shoppers spent an average of $175.80 in 2014, an amount 31 percent higher than Valentine’s Day shoppers in general.
- One quarter of consumers (25.1 percent) say they will shop online (compared to 26.1 percent in 2014), with millennials aged 18–24 most likely to spend online (36.5 percent of this group say they would spend online).
- 26.1 percent of consumers plan to use their smartphones to research products and compare prices, as compared with 24 percent in 2014.
- The results further confirm research that men are now more likely to use their smartphones to research, evaluate, and make purchases, with 30.9 percent of men using smartphones in their purchase journeys as opposed to 21.7 percent of women. By comparison, 27.5 percent of men and 20.8 percent of women used smartphones last year.
- The contrast was slightly less pronounced on tablets, with 35.4 percent of men use tablets to research products or compare potential gifts as opposed to 29.3 percent of women.
- Approximately one-third of consumers will purchase Valentine’s Day items on their tablets.
- One in five looked up retailer information on their devices such as location and store hours.
- Online shoppers ages 18–34 were more than twice as likely as others to personalize gift cards with an audio or video clip (14 percent) or with a photo (27 percent).
- Valentine’s Day shoppers wait until the last minute even for online shopping. (Adobe)
- Shopping patterns are highly dependent on the day of week that Valentine’s falls. (Adobe)
- 2013 lagged behind 2012 in total shopping the week prior to Valentine’s, but made up for it the week of Valentine’s because Valentine’s fell on a Thursday rather than a Tuesday. (Adobe)
- Shoppers start 3 weeks early for Valentine’s Day. That period of early shopping sets the tone for YoY growth. This means marketers don’t need to wait until the week of Valentine’s to see if their promotions are working. (Adobe)
- Miami, Chicago, Houston, Los Angeles, and New York City are the most romantic cities in the U.S., talking the most about their thoughts and plans on the day on Twitter. (Brandwatch)
- 71 percent of the chatter taking place on Twitter is by females. (Brandwatch)
- 5 percent of the conversations on Twitter around Valentine’s Day are from singles.
Overall the statistics point to an increasing willingness from consumers to spend. Matthew Shay, NRF President and CEO, spoke of how the results were a positive sign for the economy and spending health: “It’s encouraging to see consumers show interest in spending on gifts and Valentine’s Day-related merchandise – a good sign for consumer sentiment as we head into 2015.” (All stats from the NRF unless otherwise specified.)
Sources
- Cupid to Shower Americans with Jewelry, Candy This Valentine’s Day
- NRF: Consumers Keep Budgets In Check This Valentine’s Day
- NRF: Five Ways To Prepare For Valentine’s Day
- NRF: Valentine’s Day 2014 — Online Consumer Shopping Outlook
- NRF: Drop In Shoppers Hits Valentine’s Spending
- Adobe: The price was right
- How Romantic is the USA Feeling This Valentine’s Day?
- Valentine’s Day 2014 Consumer Analysis
- £1.9bn Valentine’s spending splurge begins today according to eHarmony research
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