Does a weekend Valentine’s Day influence floral purchasing patterns, results?
Does a weekend Valentine’s Day influence floral purchasing patterns, results?
Valentine’s Day 2016 falls on a Sunday, Feb. 14, and many in the U.S. floral industry believe that a weekend holiday results in fewer floral sales. However, Prince & Prince, a market research company focused on the floral and green plant industries, tested this theory with historical U.S. consumer floral purchasing data for Valentine’s Day from its surveys conducted in 1996, 2000, 2007, 2010 and 2013, according to a news release.
Prince & Prince compared household Valentine’s Day floral purchasing when the holiday fell on weekdays and when the holiday fell on a weekend. The survey data actually suggests a slight increase in consumer floral purchasing when the holiday falls on the weekend. Of all floral-buying households that purchase for Valentine’s Day (around 49 percent in 2013), about 2 percent more households purchase for a weekend holiday, which translates into an estimated $130 million in additional floral spendingy. So, the Prince & Prince consumer research findings refute the floral industry’s belief concerning less floral purchasing for a weekend Valentine’s Day.
The increase in weekend Valentine’s Day floral purchasing is largely driven at both ends of the household income ladder, among more mature floral-buyer segments (age 55 and older), and among single-male households. While younger-aged households (under age 35) still show strong likelihood to purchase floral products for Valentine’s Day, a weekend holiday (as in 2016) likely offers more opportunities to target additional consumer groups to expand the market for this all-important floral holiday. Younger-aged households and households with teenagers lead the floral-purchasing trends for Valentine’s Day.
“When the holiday falls on a weekend, the P&P historical data reveals that a slightly higher percentage of households purchase floral for Valentine’s Day — higher than predicted trend — but at a somewhat lower average purchase value, suggesting that supermarkets and other floral mass-marketers are likely expanding the Valentine’s Day floral market to new buyers when the holiday falls on a weekend,” said Prince & Prince president Tom Prince in the release.
Prince & Prince’s projection for the retail value of U.S. consumer floral purchasing for the upcoming 2016 Valentine’s Day holiday is $3.3 billion, including all fresh cut flowers and indoor potted plants and any associated deliver/handling services. Prince & Prince projects that more than 44 million U.S. households will purchase flowers or plants and will spend, on average, $74, including all household members and delivery/service fees.