Valentine’s Day is fast approaching and with many shoppers on the hunt for the perfect presents, it’s prime time for retailers to clock up those loved-up sales.
In 2018, Brits spent £650 million on Valentine’s Day, an increase of more than a quarter since 2015, with men being more likely than women to spend more on their other half. In fact, men are three times more likely than women to fork out over £200 to show their special someone just how much they care.
Typical gifts vary wildly; some lucky recipients will be presented with pricey jewellery on the day, while others lament their misfortune at receiving such coveted items as a blender, set of kitchen scales and a toilet seat (true story).
Either way, the worst Valentine’s gift cited by some is nothing at all, which suggests that money really can buy you love – something retailers can capitalise on in the run-up to February 14th.
Make it easier to Pop the Question
More than one million people will get engaged on Valentine’s Day, but for others, an expensive engagement ring might be out of reach (unless they have several months of savings put aside or a magic money tree). Being able to offer loved-up customers a chance to spread the cost of that all-important diamond can make your tills ring.
Retailers can focus on making love happen sooner by giving customers a choice of payment options, such as instalment plans. Interest-free credit offered at the point of sale via an integrated platform like DivideBuy provides instant credit, allowing love-struck shoppers to spread the cost of a major purchase.
Catering for the Singletons
There’s been a growing trend in the number of singles treating themselves on Valentine’s Day in recent years. 15% of women send themselves flowers on February 14th and many make self-care purchases to get that warm and fuzzy feeling, sans partner.
The majority of single women plan to enjoy the day with friends, so it’s not surprising that “Galentine’s Day”, which is the art of buying gifts for female friends, is gaining more supporters every year, and there are countless opportunities here for retailers to get in on the act with clever advertising.
Don’t Forget the Fur Babies
For many of us, pets are better than partners; they provide comfort and unconditional love, and they never need to have the last word. So, it’s perhaps not surprising that more than three million Brits will shower their fur babies with gifts this Valentine’s Day.
The majority of pet owners tend to spend on their dogs, but cats do get a look-in on Valentine’s Day, too. Retailers can pull in the pet owners before February 14th with targeted campaigns in-store or via email or upsell to customers already shopping for pet products.
Target Popular Products
Timeless gifts such as flowers, chocolate, jewellery, and clothes are always popular for Valentine’s Day and sales typically increase in the run-up.
However, according to research, desirable gifts alongside the traditional tokens of affection include holidays and even cars. Retailers need to know which products their customers will be prioritising and create targeted Valentine’s campaigns, category pages and banners to woo shoppers head-over-heels.
Help your customers wow their partners this Valentine’s Day with DivideBuy’s interest-free credit option; the simpler, speedier way to offer finance – and flatter those sales.