A Sweet Valentine's Story (for retailers)

According to the National Retail Foundation's 2011 Valentine's Day Consumer Intentions and Actions Survey, consumer spending will continue through Valentine's Day this year bringing the holiday total to an estimated $15.7 billion. Couples will not only be doting on each other, the average man spending twice as much as the average woman, but will also be generous with friends and co-workers in addition to Fido, Spot and Whiskers. 

With Valentine's Day two weeks away, will you have your heart or your cash (perhaps both) 

in your hand?

• Couples this year will spend an average of $68.98 on significant others or spouses, up from $63.43  last year
• The average man plans to spend $158.71 while the average woman plans to spend $75.79

• The average person will spend:
• $116.21 on traditional Valentine's Day merchandise up 11% over last year's $103
• $5.04 on pets up from $3.27 last year  

• Consumers will spend an average of:
• $6.30 on friends
• $4.97 on classmates and teachers
• $3.41 on co-workers

52.1% of consumers are planning to purchase greeting cards, the most popular gift option, while 17.7% of consumers are planning to purchase jewelry, up from 15.5% from last year

• Consumers are planning to spend on:
• Shiny, happy...ears, fingers and necks?
• $3.5 billion on jewelry up from an estimated $3.0 billion from last year
• $3.4 billion on dining out up from $3.3 billion last year
• $1.6 billion on clothing up from $1.5 billion last year

• Stop and smell spend money on the roses
• $1.7 billion on flowers
• $1.5 billion on candy
• $1.1 billion on greeting cards

• Where will consumers spend their heart-earned money?
• 36.6% discount stores
• 30.5% department stores
• 19.4% specialty stores
• 18.1% online

• Greeting Card Fun Facts
• According to the Greeting Card Association, as estimated one billion valentine cards are sent each year, making Valentine's Day the second largest card-sending holiday of the year (behind Christmas)
• Approximately 80% of all valentines are purchased by women
• In addition to the United States, Valentine's Day is celebrated in Canada, Mexico, the United Kingdom, France and Australia

• A Little History
• Valentine greetings were popular as far back as the Middle Ages, although written valentines didn't emerge until after 1400
• The oldest known Valentine card is on display at the British Museum
• The first commercial Valentine's Day greeting cards produced in the U.S. were created in the 1840's by Esther A. Howland, known as the Mother of the Valentine
• Howland produced handiwork with lace, ribbons and colorful pictures known as "scrap"

Image:Patchareeya99 / FreeDigitalPhotos.net/freedigitalphotos.net

Sources:
Love Is In the Air this Valentine's Day According to NRF, nrf.com, 1/27/11
About Greeting Cards - General Facts, greetingcard.org
Valentine's Day, history.com

Men, Women, and the Purchase Process

A recent piece on Fast Company's brilliant blog, Femme Den, offered some astute insight into how men and women differ when it comes to choosing and purchasing products.

The article suggests that purchase decisions are influenced by our hunter and gatherer instincts. When buying a product, men want to path-find -- it's part of the hunting instinct. When shopping for a product, they go linear and deep. Men tend to extensively research a product and then they make the purchase.

But women tend to differ in their process. Women go wide with their search, considering how the product will affect the individuals in their lives. A women gathers a product for both herself and her tribe.

"While he tends to be more fascinated by the product itself, she is enticed by the sum of many things, including considerations beyond herself and her personal needs.
"

The post also takes a look at what men and women desire from consumer electronics. Men typically like to figure out and conquer gadgetry, while women tend to want electronics to be more intuitive. She wants the technology to simplify her life.

"Women are usually the main caretakers of home and family, often while working a full-time job. She is pressed for time, and therefore, tends to have less tolerance for time-consuming and poor product experiences. She wants a product to work well right from the start...it’s a matter of priority and patience. Women prioritize intuitiveness in products."

Bottom line? It's crucial to understand the difference in how men and women make their purchase decisions. Women can have very different priorities when it comes to products, so it's vital that their viewpoint is taken into consideration.

[Femme Den]