It's Valentine's Day… That time of the year where couples express their unforgiving love for each other - showering significant others with flowers, chocolate, and oversized stuffed animals. Or, if you aren't a hopeless romantic, you might be living by the platitude that "Valentine's Day is such an outdated tradition".
Nevertheless, we've done our research. The verdict? If you're a business, Valentine's Day is a tradition you want to keep alive. Here's why.
Only about half of all adults celebrate Valentine's Day, BUT each celebrant is spending a hell of a lot more. Shopping in the name of love is actually the largest spending after Christmas, back to school, and Mother's Day. Further, in 2016, the average celebrant spent $146 USD or more, recording a total spending of $19.7 billion that year. Love really does make you crazy.
Online shopping is also steadily increasing. In 2016, $17.7 billion was spent online on physical goods; this contributed to a total of $21.7 billion spent online. What's noteworthy is online shopping via a mobile device is increasing at a very staggering rate, up 52% from 2015. Subsequently, desktop and laptop purchases have declined 10% and 6% respectively. If you're an online store and your website isn't mobile-friendly, we advise you to get updated NOW.
If you're the lovey-dovey type, I'm sorry…. But love has nothing to do with Valentine's Day. Shoppers are continuing to spend less and less on romantic partners, and more on co-workers, family, classmates and teachers, friends and, pets. Yes, pets! An average of $26 is spent on our furry friends each Valentine's Day.
What we're trying to say is - if you're a business, you should be trying to capitalise on this insane flurry of money, even if you aren't a florist.
At Collaborative Marketing, through consistent reporting and analysis of our clients' social media accounts, we noticed a holiday trend. It's simple, consumers want to spend money on holidays. And, if you don't believe us, Bing data shows that Valentine's Day starts trending upwards at the beginning of the year and then peaks on February, 14th. It also shows that clicks spike between February 7th and February 14th, and then peak two days out from Valentine's Day.
In other words, get your Facebook and Google ads up now! And make sure you put a decent budget behind it. You still have time to catch those awful last-minute gifters.