Good thing money can’t buy love, because Valentine’s Day shoppers are planning to spend less money this year. According to a study by the National Retail Federation, shoppers plan to spend about $103 this year on Valentine’s Day gifts and products, down from $123 last year. Findings from the study revealed consumers will still buy the same categories of products associated with Valentine’s Day; flowers and jewelry still are not expected to experience a significant decrease in terms of percentage of shoppers who will buy those products.
An interesting Valentine’s Day product I saw recently was Mattel Hot Wheels Valentine’s cars. There were different models with Valentine’s-themed designs and paint schemes. What a brilliant brand extension to capture incremental revenues for a selling event not typically associated with cars! At a price point of around $1, even the tightest of budgets can afford to buy these products for their young car fans.
If your loved one seems to have spent a little less on you this year, you can take comfort in knowing you were not alone. Indulge in some pink and red Hot Wheels cars and enjoy- Happy Valentine’s Day!
Link: eMarketer Daily – “All You Need is Love… and Money”