Valentine’s Day is set to provide a positive kick off to the 2017 event calendar.
Our research shows that shoppers are so far shrugging off concerns about Brexit and remain confident in their immediate spending plans.
As featured on Talking Retail today…
We find that, among those planning to celebrate Valentine’s Day, many expect to spend more this year and that is set to benefit retailers – especially in food and clothing.
However, while Valentine’s Day sales look placed for a boost, the outlook for the retail events calendar for the rest of the year is more challenging. The summer sporting calendar is quiet this year, putting the onus on retailers and brands to keep shoppers interested and engaged. Inflation is also expected to creep up over the following months and these rising prices will lead to more cautious shopping behaviours.
Key findings:
How do shoppers feel about the occasion?
- 38 percent of shoppers said they expect to spend more on Valentine’s Day than they did last year.
- Valentine’s Day is perceived to be a special day for 64 percent of shoppers and 53 percent are looking forward to it.
- 55 percent of shoppers say that they don’t mind spending more to make the day special.
- Tending to trade up to buy more expensive food and drink is on the cards for 43 percent of shoppers.
- 54 percent of shoppers plan ahead for which items to purchase.
How has the market for Valentine’s Day changed?
- We estimate the value of Valentine’s Day to the retail sector will reach £687m for 2017, up £30m from last year.
Amongst shoppers planning on getting involved in the event, what are they looking to buy and what’s on their own wish list to receive?
- A gift of a meal at a restaurant tops shoppers wish lists this year (29 percent) followed by a romantic getaway (22 percent) in second place and the gift of chocolates in third place (20 percent).
- Gifts shoppers expect to receive on the day vary significantly from their wish lists – for example 39 percent expect to give a card from a shop while only 20 percent would actually like to receive one. Likewise, 22 percent would like to receive a weekend getaway, but only seven percent expect to get this as a gift.