Valentine’s Day – Where is the love?
On February 14th, consumers will once again proclaim their love for their significant others while marketers face a decrease in spending behavior for the second year in a row. In times prior, we’ve watched shoppers flock to jewelry retailers in search of the perfect diamond heart pendant and witnessed florists sell out of every last bouquet of long stem roses within a five mile radius. But much like 2009, it is predicted that cupid’s arrow will aim low this Valentine’s Day, as consumers prepare to give more but spend less.
The National Retail Federation’s 2010 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch, surveyed 9,578 consumers about their gift giving plans. On average, consumers plan to spend $63.34 each on gifts for their significant others this year, down $3.88 from last year. Personal and practical gifts have remained a common trend since the recession hit, and more and more shoppers are looking to purchase this way. Useful gifts like sweaters and clothes are on the rise (4.2% more than last year) while less people are planning to have an evening out vs. last year (11.4%). Most respondents (40.9%) said they’d be heading to the discount stores for gifts, while the remaining will go to department stores (31.1%), and to specialty stores like the florist, gift, stationers, or electronics stores (21.4%).
So where is the love?
Consumers are looking for ways to express their love while being sensible, and brands have the ability to show their support in tough times by offering qualities that are priceless. If ‘personal and practical gifts’ are what consumers are buying, then marketers should provide personal and practical solutions. Common consideration still goes along way in the relationships brands have with their customers, and in every relationship for that matter.
Show consumers you C.A.R.E. by being:
- Conscious: Conscious on both a personal level and also on a community level. We are all in the same boat, whether it is an economic crisis or an epidemic so find ways where your brand can support the greater good and speak to people on a global level.
- Appreciative: Offer a simple thank you. Whether that appreciation comes in the form of sale prices, coupons, or a free gift with purchase, showing consumers that they are valuable by rewarding them can speak volumes.
- Receptive: Open up for discussion. Consumer insights are some of the most important data marketers can collect in learning more about a brand and its category. Welcome customer feedback and listen to your consumer.
- Enthusiastic: Service with a smile. Love your brand, love your customer.
Happy Valentine’s Day!
(Photo via: ♥ellie♥)