For Love or Money?
Alas, the big V Day is upon us once more. Is it a day where couples can celebrate their love? Is it a day single people HATE as it maximises the fact they do not currently have a significant other? “Why do I need one specific day to celebrate my love, or lack thereof?” – Whether you are a singleton, or in a couple, you would have asked this question at least once. Valentine’s Day means different things to different people, but what everyone needs to know is that it presents a massive opportunity to launch some quick and effective targeted marketing campaigns.
Valentine’s Day for the majority of retailers comes as the first chance, and the first holiday, to kick-start their sales after Christmas. According to market intelligence agency Mintel, Valentine’s Day has overtaken Easter in the amount Brits have splashed out on loved ones. A whopping £620 million was spent on gifts during the holiday of love in 2017, overtaking Easter by £45 million that year!
With eating-out being the 2nd most favourable way to treat your significant other, (confectionery firmly in the lead), restaurants will already be taking bookings and carefully crafting their version of the perfect set menu for customers. Popular restaurant booking system, Quandoo, have over 17,000 restaurants available to book, with irresistible deals and discounts through their app to prepare you for 14th February. (Check out the recent work we did for the fast-growing brand here!)
Although it is efficient to target couples if you are in the retail, entertainment or restaurant industries, it is also important to not leave the lonely ones out. Millennials are the most likely to spend money on their cat or dog (8.7%), followed by Gen Xers (7.4%) and baby boomers (4.1%). Millennials are over twice as likely to treat themselves on Valentine’s Day at 3.5%, compared to 1.3% of Gen Xers and 1.1% of baby boomers.
Our top tip is to focus your efforts on single people, just as much as those in a relationship. The world is moving into a more independent way of living, and therefore people feel less and less “alone”, as such, on Valentine’s Day as they venture out with their friends, family and even pets, as the statistics above show. And, unlike Christmas and Birthdays, people tend to spontaneously spend on the day rather than planning ahead. This being said, rather than spending your marketing budget on a month-long campaign, it makes more sense to focus on a two week period leading up to the big day. According to search engine Bing, 46% of people said they would start Valentine’s browsing in early February.
If you’re looking to boost your business for Valentine’s Day, Wonderful would LOVE to help. Get in contact with a member of our team today, we’ll even remind you to send a card 😉