This year’s Valentine’s Day provided a positive picture of the ecommerce landscape. Sales were up and people were eager to celebrate. According to the NRF, Valentine’s Day 2022 spending reached $23.9 billion, up from $21.8 billion in 2021 and the second-highest year on record.
Consumer behavior around the holiday also provided learnings for ecommerce brands, who are eager to understand how purchasing behaviors have changed from the pandemic. Let’s dive into the top takeaways:
· Lean into the Holiday Spirit: There were some sensitivities over the past two years, which led some brands to approach holidays with a level of hesitancy. This past Valentine’s Day showed us that this is no longer the case. Consumers are ready to celebrate! Leaning into the holiday spirit helps to drive sales. Ecommerce shops dedicated the day to the spirit of love and transformed their platform into a theme of red roses and hearts to attract the potential customers. Being festive for future events is sure to pay off.
· Consider Experiences: Consumers are reinvesting in experiences, and these types of offers were attractive this Valentine’s Day. Studies indicate that demand for experiences like sports games and concerts have reached a pre pandemic peak. As life resumes and society heals from isolation, this year’s Valentine's Day consumer spending followed suit. To capitalize on the revived interest, retailers and local shops can consider offering new experiences in partnership with others.
· Promotional Deals: Tried-and-true tactics like promotional offers are still high sales drivers. 2-for-1 discounts and specific holiday-themed packages pushed customers to purchase. And don’t forget free shipping and an easy return policy! Timed to a promotion, free shipping and easy returns always go a long way.
Valentine’s Day’s love language is undeniably… gift giving. While the spectrum of giving spans romantic partners, platonic friends, bosses, and work acquaintances, the level of gifting has escalated considerably across the board, and we expect that future holidays will be even more reason for people to come out.
Time to get ready for St. Patrick’s Day!