Valentine’s Day, the day of love, falls on the 14th of February every year. Each year brings new insights into the spending patterns of people, preferences of each gender and how these patterns are changing with every year. The shopping penetration dropped this from 2017 since the consumers felt that Valentines Day was too commercial. However, to promote their products and services, the retailers continued to discount their products to attract customers. Though the shopping penetration dropped, the number of lovers gifting their partners increased from 2017 and personalization of their gifts was a trend observed in Valentines Day 2018.
Various polls and studies show that men are more likely to spend than women. In terms of the size of spending as well, men spent more on their partners than women did. In terms of generations, Baby boomers, Gen Xers, and millennials were all celebrating Valentines Day in equal numbers. In terms of generations and their spending, Gen Xers spent more followed by millennials and then baby boomers. It was observed that most of the people in the UK celebrated their V-day with their wives/ husbands followed by their girlfriends/ boyfriends. Other new trends saw them celebrating it with their pets- dogs followed by cats; some treating just themselves too. The preferences of gifts for women were mostly flowers, a card or a meal at the restaurant. For men, they preferred chocolates, the meal at a restaurant or a card. Many among the millennials and baby boomers relied on the internet to make their shopping for gifts. Most of the big players used heavy discounting to increase their sales with a view to diversifying their products and services next year to cater the preferences of the customers.
Ken Research’s Valentine’s Day In Uk 2018 gives in-depth consumer insights where the spending is more important to ensure that business caters to the consumers’ preferences. The report gives consumers information on what drives consumers to go to a retailer like value for money, convenience and delivery options to help retails businesses adapt to the consumer’s preferences and demands. With the help of the in-depth analysis, the report will help in understanding and building strategies to help them maximize their market share around this time. The companies who procured market share and discussed in the report are Aldi, Lidl, B&M, Marks & Spencer, Primark, Twitter, Instagram, Tesco, Home Bargains, Poundland, Morrisons, Selfridges, Scribbler, TK Maxx, Boohoo.com, & Other Stories, Boots, Debenhams, House of Fraser, Arcadia, John Lewis, Card Factory, ASDA, Sainsbury’s, Amazon, Clinton Cards, Waitrose to name a few.
To know more, click on the link below:
Ankur Gupta, head marketing & communications