Men Put Money Where Their Hearts Are
By George Anderson
Research from the customer loyalty research consultancy Brand Keys shows that, when it comes to demonstrating love and affection in retail purchases, men are more romantic than women on Valentine’s Day.
Regardless of which gender gets the most romantic award, Brand Keys’ president Robert Passikoff said the holiday is growing in importance for retailers because the criteria for who should receive a gift continues to expand.
“More and more gifts being exchanged between friends and family, all in the name of St. Valentine,” said Mr. Passikoff. This trend, he added, “turned Valentine’s Day into a major retail holiday about four years ago.”
One of the factors that has increased the gifts given on Valentine’s Day has been gift card redemption.
“This year we’re seeing consumers report higher after-Christmas redemption rates of gifts cards going for purchases for the closest major holiday, Valentine’s Day. The event gets bigger every year,” he said. “And this year the average price placed on love is $113.00.”
The $113 average is driven, according to Brand Key’s’ research by the average $145 put down by men. By comparison, women spend an average of $81 on the holiday.
Brand Key’s Top 10 List of Gifts includes:
- Greeting Cards – 80 percent
- Dinner/Entertainment Events – 55 percent
- Candy – 45 percent
- Flowers – 43 percent
- Gift Certificate/Card – 35 percent
- Jewelry – 25 percent
- Stuffed Animals/Balloons – 15 percent
- Lingerie/Clothes – 13 percent
- Perfume/Cologne – 10 percent
- Books – seven percent
(% of total people who said they were giving gifts)
The National Retail Federation pegs the average consumer spending at $100.89 for Valentine’s Day, with men spending more ($135.67) than women ($68.64). Total spending for the holiday this year is expected to reach $13.70 billion compared to $13.19 last year.
Moderator’s Comment: How will Valentine Day sales this year compare to 2005? Which retailers have impressed you with the most unusual or innovative advertising
and/or merchandising programs for Valentine’s Day in the past? –
George Anderson – Moderator