Are you in the mood for love? Well, you should be, Valentine’s Day is a big business with sales that approached 20 billion dollars in 2019 and are expected to reach a record breaking 27 billion in 2020. Strong employment and higher wages means more money to spend on your sweetheart, friends, family, co-workers and even pets.
According to the National Retail Federation (NRF), those celebrating plan to spend an average of $196.31 this year. What are they giving?
Candy (52 percent)
Greeting cards (43 percent)
Flowers (37 percent)
Evening out (34 percent)
Gifts of experience (e.g., concerts, massages) (28 percent)
Jewelry (21 percent)
Clothing (20 percent)
Gift cards (19 percent)
Where are people shopping? Lots of places, says the NRF.
Department stores (36 percent)
Discount stores (32 percent)
Online (32 percent)
Specialty stores (19 percent)
Florists (17 percent)
Local small businesses (15 percent)
Jewelry stores (11 percent)
Does your marketing strategy reflect these purchasing statistics? Is your business ready for Friday? Let us know below!