Valentine’s Day is always a major holiday for the floral industry, and if last year’s trends continue, we could be looking at the biggest Valentine’s Day ever. 2023 had near-record Valentine’s Day spending, both total and per person. To help you know where to focus your marketing efforts, here are the five key trends you need to know about from 2023:
1. Overall Spending
Per the National Retail Federation (NRF), Valentine’s Day consumer spending for 2023 hit $25.9 billion, the second-highest year recorded. The average per-person spending was close to $193, also the second highest ever. This is great news, as we’re getting closer to pre-pandemic spending levels!
2. Diverse Gift Recipients
People are, of course, spending money on significant others for Valentine’s Day, but they’re also spending on many other loved ones. This includes family, friends, co-workers, teachers, classmates, and even pets. The total spent on these groups was $7.1 billion last year, up from $5.6 billion in 2022. Marketing giving flowers to these different groups (well, except pets) can be a great way to increase your business.
3. Online vs. In-Store Spending
While online shopping is still number one, more people are returning to stores to spend their Valentine’s Day dollars. Last year’s spending breaks down as follows: online shopping – 35%; department stores – 34%; discount stores – 31%; specialty stores – 18%. Make sure to focus on both online and in-store marketing to take full advantage of this.
4. Popular Gift Choices
Flowers are always one of the top Valentine’s Day gifts; 37% of consumers purchased flowers last year. Other gifts included candy (57%), gift cards (40%), an evening out (32%), and jewelry (20%). With some smart marketing, you can promote adding flowers to every one of these other gifts to increase your sales and profits!
5. Highest Spenders: Age Group Insights
In 2023, the age group spending the most for Valentine’s Day, by far, was 35–44-year-olds. Their average spending was $335.71, more than double the average consumer spending for everyone else. It would be wise to focus on this group by sending targeted email campaigns and tailoring some of your social media posts to them.
We hope these trends give you valuable insight. By understanding and adapting your marketing to them, you can capitalize on the increase in consumer spending for Valentine’s Day. This is an excellent opportunity to innovate and engage customers in new and fun ways to ensure a successful and profitable holiday!
FAQs
Modern Love
The 'pursuit of pleasure' defines this rebellious trend for 2024; with celebrations offering the perfect outlet for hedonism. One of the key indicators of this trend was the rise of empathy fatigue and centring of the self.
How much will people spend on Valentine's Day in 2024? ›
This display of love will not come cheap. The National Retail Federation (NRF) estimates that consumers will spend a record $25.8 billion, an average of $185.81 per person, on Valentine's Day in 2024. It is no wonder that US retailers love the holiday. So, who was this Saint Valentine to whom they owe the windfall?
What are the top 3 items consumers buy for Valentine's Day? ›
Beyond The Classic Heart-Shaped Bouquet And Chocolates
While flowers, candy and greeting cards still top the list of main gifts, younger generations are shifting the way Valentine's Day is being celebrated, looking beyond traditional gifts.
How many roses will be sold for Valentine's Day? ›
The National Retail Federation estimates people will spend $2.6 billion on Valentine's Day flowers, but that includes everything from azaleas to zinnias. The Society of American Florists says that 250 million roses are produced for the holiday, but it doesn't estimate spending.
What day is Valentine's Day 2024? ›
Valentine's Day: February 14, 2024.
What is the special of February 14 2024? ›
Happy Valentine's Day 2024: Valentine's Day falls annually on February 14. The celebrations for the day of love begin a week before, starting with Rose Day and ending with Kiss Day.
What are the top 7 best selling products or services for Valentine's Day? ›
What to Sell on Valentine's Day?
- Chocolates/Sweets. Nearly 30% of US adults wished to receive chocolate and sweets on this occasion. ...
- Flowers. How can we celebrate Valentine's Day without a luxurious bouquet of roses? ...
- Gift Cards/Vouchers. ...
- Clothing. ...
- Perfumes. ...
- Valentine's Day Cards. ...
- Jewelry. ...
- Lingerie.
Valentine's Day, once a modest celebration of love, has undergone a remarkable transformation in India in recent times. The traditional concept of expressing affection has evolved into a commercial extravaganza, influenced by global trends and marketing strategies.
How much will consumers spend on Valentine's Day? ›
Overall, consumers plan to spend a total of $25.8 billion to celebrate Valentine's Day, on par with last year's spending and the third highest in the survey's history. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group.
Who started Valentine's day? ›
Oruch, a University of Kansas English professor, determined that Chaucer was the first to link love with St. Valentine in his 14th-century works "The Parliament of Fowls" and "The Complaint of Mars," notes the Times. Therefore, Oruch claimed, Chaucer invented Valentine's Day as we know it today.
The grower ultimately sets the price for the roses, which is higher due to the dumping of the crops in December. This additional cost is then passed through each market level - from the grower, to the wholesaler, to the florist, and finally to the customer. Another factor impacting the cost of roses is transportation.
Why are there 12 red roses on Valentine's day? ›
12 roses: A bouquet of 12 roses is a romantic way to express your love. The number 12 is often associated with completeness and perfection, and is a way to show the person you care about that they are the one and only person in your life.
What is the color of Valentine's Day in 2024? ›
Shades of Love: Red and White Color Combination for Valentines Day Decor in 2024. As Valentine's Day approaches in 2024, love is in the air, and what better way to celebrate this special occasion than by infusing your surroundings with the timeless and captivating combination of red and white?
What is the love calendar in 2024? ›
It starts from February 7. These seven days of love are Rose Day (February 7), Propose Day (February 8), Chocolate Day (February 9), Teddy Day (February 10), Promise Day (February 11), Hug Day (February 12), and Kiss Day (February 13).
What is 7 to 14 February 2024? ›
7 February to 14 February- Valentine's Week 2024
While the main Valentine's Day is celebrated on the 14th of February, the additional occasions start from the 7th of February and go on till the 14th of February.
What day is Galentines day 2024? ›
On February 13th, Galentine's Day brings women together to celebrate each other every year the day before Valentine's Day. Read more...
