Five trends for Valentine’s Day floral consumer spending
Five trends for Valentine’s Day floral consumer spending
Valentine’s Day is always a major holiday for the floral industry, and if last year’s trends continue, we could be looking at the biggest Valentine’s Day ever. To help florists know where to focus marketing efforts, Rio Roses provided five key trends you need to know about from 2023:
1. Overall Spending
Per the National Retail Federation, Valentine’s Day consumer spending for 2023 hit $25.9 billion, the second-highest year recorded. The average per-person spending was close to $193, also the second highest ever. This is great news, as we’re getting closer to pre-pandemic spending levels!
2. Diverse Gift Recipients
People are, of course, spending money on significant others for Valentine’s Day, but they’re also spending on many other loved ones. This includes family, friends, co-workers, teachers, classmates and even pets. The total spent on these groups was $7.1 billion last year, up from $5.6 billion in 2022. Marketing giving flowers to these different groups (well, except pets) can be a great way to increase your business.
3. Online vs. In-Store Spending
While online shopping is still No. 1, more people are returning to stores to spend their Valentine’s Day dollars. Last year’s spending breaks down as follows: online shopping – 35 percent; department stores – 34 percent; discount stores – 31 percent; specialty stores – 18 percent. Make sure to focus on both online and in-store marketing to take full advantage of this.
4. Popular Gift Choices
Flowers are always one of the top Valentine’s Day gifts; 37 percent of consumers purchased flowers last year. Other gifts included candy (57 percent), gift cards (40 percent), an evening out (32 percent), and jewelry (20 percent). With some smart marketing, you can promote adding flowers to every one of these other gifts to increase your sales and profits!
5. Highest Spenders: Age Group Insights
In 2023, the age group spending the most for Valentine’s Day, by far, was 35–44-year-olds. Their average spending was $335.71, more than double the average consumer spending for everyone else. It would be wise to focus on this group by sending targeted email campaigns and tailoring some of your social media posts to them.
