As Valentine’s Day 2019 draws nearer, the pressure is on for shoppers to find the perfect gift for that special someone. According to a National Retail Federation study, compared to previous years, fewer consumers will be celebrating the holiday, but Offers.com projects that those consumers will be spending more on average. With personal and commercial Valentine’s Day traditions changing from year to year, target demographics for Valentine shoppers are shifting as well.
We asked shoppers in the Bizrate Insights network to share their plans for Valentine’s Day 2019 to identify shopping trends and spending habits leading up to February 14th.
Of respondents who indicated spending more on Valentine’s Day this year than 2018, 39% were 18-24 years old. Along with the commercial drive of young romance, NRF reports that certain younger demographics plan to spend Valentine’s Day with friends instead of significant others. It appears that although more consumers are declining to officially celebrate Valentine’s Day, the holiday still presents an opportunity for retailers to cater to younger shoppers with changing spending habits.
Our data indicates that the younger the shopper, the more likely they are to make a purchase at the beginning of February.
55% of shoppers say they plan to purchase their Valentine’s Day gifts at the beginning of February.Our research shows that the peak buying time for Valentine shoppers is February 1st-10th, then picking back up on February 14th as last-minute shoppers purchase flowers and other impromptu gifts.
Overall, although sentiment around Valentine’s Day is changing year after year, shoppers are still looking to celebrate and shop on February 14th. While continuing to offer deals for standard Valentine celebrations, retailers should look to market to younger demographics with changing traditions, who are looking to spend more than previous years this Valentine’s Day.