Valentine’s day is one of the most coveted days for blissfully in-love consumers and savvy business owners alike. Merchants do everything they can to leverage love day by decorating their stores, revamping their websites, promoting on social media, and creating custom deals consumers can’t help but fall for. Shoppers seek unique gifts and experiences for their loved ones, while others opt for more conventional offerings like flowers, chocolates and jewelry. Across the board, spending is up year over year.
Let’s look at some Moneris data to understand the consumer spending trends this Valentine’s Day.
Florists saw the most significant boost in sales:
• Year over year, February 14 sales volumes were up over 400%
• Even the weekend leading up saw volumes increase 200% compared to the same period last year
Popular gifts like candy, cakes, and jewelry also saw positive increases on the day of and weekend leading up to Valentine’s Day:
• Candy, nuts, and confections more than doubled the day of and the weekend prior
• Bakery sales went up over 40% the day of and almost 15% the weekend prior
• Jewelry sales increased over 90% the day of and nearly 60% the weekend prior
Those who wanted to save time making a handwritten note or card opted for store-bought stationery:
• Card, gift, and novelty stores were up over 14% on Valentine’s Day and 20% the weekend leading up
Gifts aren’t the only thing people buy for their Valentines. Splurging on a date night out or ordering your favourite delivery on the increasingly-popular night in are both experiences that boost spending among lovebirds.
Looking at Valentine’s Day last year and comparing it to the week before, we saw:
• Restaurant spend volume more than doubled, increasing by more than 130%
• Bar spend volume jumped over 45%
Based on week-over-week data for Valentine’s Day last year, we saw the following:
• Takeout orders nearly tripled and went up almost 200%
• Delivery orders jumped over 80%
Feeling wooed by this data and want to set your store up for success next year? If you’re a small business looking to get discovered and increase sales, check out our tips here to learn how to win hearts on Valentine’s Day.