Valentine's Day, also called Saint Valentine's Day or the Feast of Saint Valentine is celebrated annually on February 14. It is widely and globally recognized as the celebration of love: both romantic love between partners, and platonic love between friends and family.
Behavioral Audience:
Valentine's Day is a significant commercial holiday in the United States, and it brings in significant revenues for various industries. Valentine's Day spending reached $23.9 billion in 2022, an increase from $21.8 billion in 2021. Gifts that are traditionally given on Valentine's Day include candy and flowers, which never seem to go out of style, as well as special meals or experiences (e.g., an event or movie tickets) that seem to have returned to pre-pandemic popularity levels.
44% of shoppers say they will purchase candy/sweets (with a box of chocolates being a must).
33% choose greeting cards, 32% flowers, and 29% a romantic dinner.
Also, red roses account for almost 70% of all flower choices in the US
14% and 13% select wine and gift cards are also great choices for shoppers.
Online Shopping continues to be the most popular shopping destination for Valentine’s Day in 2022, visited by 41%, followed by department stores at 32%, discount stores at 28%, local small businesses at 18%, and florists at 17%.
Market Research:
Valentine’s Day spending can vary widely depending on factors such as age, relationship status, and income level.
Young Males: On Valentine’s Day, men are the big spenders – men spend about twice as much as women on Valentine’s gifts. With an average spending of $339, men spend more on gifts than women, with $64 on average.
Younger people in a relationship are more likely to mark the day than are their elders: on average globally, 68% of those under age 35 plan to do so vs. 55% of those aged 35-49 and 45% of those aged 50-74. Men are more likely to buy gifts from Amazon (38.45%) and brick-and-mortar stores (39.14%). While women seem to prefer DIY gifts compared to men. A total of 56 % of men buying gifts intend to give flowers to loved ones, compared to 19 % of women, according to the 2022 NRF survey. Marketing can operate through personalized gifts such as custom-made chocolate boxes or custom-made flower bouquets that can be ordered online, with options for fast and easy delivery which can be advertised via social media.
Newer Couples: Newer couples tend to spend more money on Valentine's Day gifts and celebrations than older couples. Spending for Valentine’s Day peaks among couples who have been together for one to two years ($247), then creeps back down. They may be more likely to buy expensive gifts like jewelry or make more costly reservations for dinner or experiences.
85% of Americans who've been together less than two years intend to buy something for their partner, while only 61% of those who’ve been together for 20-plus years plan to do so. Consistently, those who are not married are more likely to celebrate with their loved ones than those who are (61% vs. 52%).
Marketing campaigns can focus on creating luxury packages that offer couples exclusive discounts on luxury products and services. Additionally, utilize social media platforms such as Instagram and Facebook to showcase high-end products and experiences in an attractive visual way.
Millennials: Those born between 1981 and 1996. They lead the pack among the generations for Valentine’s Day spending. 86% of younger millennials between the ages of 23-29 are the generation that will spend more on gifts. The average spending on a significant other is $266. Older millennials seem to spend less than younger individuals, with an average of $109. Younger adults are more likely to be in newer relationships, meaning millennials may feel pressure to spend more to impress their partner.
Millennials are known for their digital literacy. As such, they are also more likely to purchase gifts online. Thus, marketing campaigns can take advantage of social media platforms, influencer marketing, and email campaigns to reach this demographic.
Generation X: Describes the Western demographic cohort born between 1965 and 1980. Gen Xers also tend to spend a significant amount on Valentine's Day gifts. Younger millennials and Generation X are the two generations that have the highest spending patterns, planning to spend $266 and $268, respectively. Those who are 35 to 44 years of age, a group that consists of some millennials and some members of Generation X, are likely to spend the most money on Valentine’s Day ($280) — according to the NRF survey. They are more likely to prioritize practical gifts (kitchen goods, home decor, and technology gifts) and experiences (travel, spa days, concerts, and sporting events) over more