Valentine’s Day has evolved from the traditional romantic holiday reserved for couples to one that celebrates love for everyone. Through Galentine’s Day parties to baking cookies for co-workers to volunteering at a non-profit, love is celebrated in many diverse ways. There is not a right or wrong way to show love.
After decades of decreasing consumer spending, National Retail Federation and Prosper Insights & Analytics report that consumer spending should be rising this year. Consumers plan to spend the most money on jewelry or on an evening out. However, candy and greeting cards will be the most gifts given. The low cost and easy availability of these two items make them popular choices among younger consumers – and for those who need a last minute gift!
Interestingly, most people (40% of respondents) crave to be given an experience, similar to results found in MDRG’s 2018 Holiday Whitepaper. Those who plan on giving gifts should consider the market research pointing towards the high impact of a sentimental gift, even if it does not seem to be the ‘most exciting’ gift to give.
For more information check out the infographic below: