Last Minute Lovers: How Shoppers Spend on Valentine's Day

February 10, 2016

valentines-day-spending-moneris

Fast Fact: 89 percent of people planned to purchase a Valentine's Day gift in the week leading up to the holiday.

Although most people don’t know anything about Valentine's Day history (which features both a beheading and fertility festivals), we do know that it’s day when people typically demonstrate their affection for one another.  

Cards, candy, stuffed animals, and special nights for two have become main staples of celebrating Valentine’s Day, but few of these gifts involve advance planning.    

Despite the fact that retailers deck their stores in red and get shelves stocked with Valentine’s Day gifts soon after Christmas wraps up, its turns out that most people aren’t buying anything until a few days before February 14.   And as for men, they take the cake for last-minute spending - men shop even more last-minute than women with 4 in 10 waiting to buy their significant other’s gift until February 13 or 14

Interestingly, the longer the relationship, the less men tend to spend.  In fact, men spend an average of $136 on wives, $154 on fiancés, and those in their prime dating years, the 25- to 34-year-old demographic, outspend all other age groups.

So what does this all mean for retailers this Valentine’s Day?  Don’t get your hopes up too early, focus your energy on the week leading up to the holiday, and target those that are still in the courting phase of dating/relationships!

 

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.

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