Valentine’s Day offers retailers and brands their next opportunity to capitalise on impulse buys and gift purchases, a welcome opportunity to boost their sales following the post-Christmas lull that tends to see February sales falling relatively flat.
Typically shoppers will be spending money on confectionery, flowers, jewellery, clothing and greeting cards. According to the Greeting Card Association, Britons spent £40.2m on cards for the day last year, (an average of £1.86 per person) which is the highest spend among special occasions.
Tesco also estimate that they sell more than one million bouquets of flowers for Valentine’s Day every year.
In fact it is thought that £248m will be spent on gifts in Britain, spread across flowers, jewellery, chocolates and cards at spends of £80m, £58m, £51m and £54m respectively.
However, there could be heartbreak for retailers this year as according to research undertaken by the dating site eHarmony.co.uk, Valentine’s sales are set to see a decline this year.
It has been forecast that Valentine’s Day spend will account for £958m in 2016, which is down significantly from £1.5bn in 2015.
So how can brands and retailers encourage instore Valentine’s gift sales?
Grouping multiple gifts e.g. cards, confectionery and flowers into one display provides brands and retailers with a great way to give shoppers inspiration for gift ideas and encourage cross-product purchasing by providing them with a one stop shop. Ideal for those leaving it to the last minute.
How about a multi-brand pop up experiential shop front of store? Smell the rose petals, enjoy the chocolates, send a secret love message. . .A Valentine’s experience co-funded by retailers and participating brands. Perfect for targeting those last minute romantics, or tempting those who wouldn’t normally have bothered. . .
Less is More
A range of gifts at one low price point on the same display helps to target the cost-conscious shopper and encourage multiple item purchases. Keeping it bold and simple can help shoppers make a selection quickly and easily.
Capturing shoppers’ attention in areas throughout the store is key for encouraging impulse buying behaviour. Red and pink are the traditional colours to incorporate and retailers will undoubtedly look to colour block their retail displays to provide an instant cue to shoppers. Securing a Valentine’s-themed out of category retail display placed in the homewares section or at the point of purchase can provide the perfect reminder to the shopper who might have forgotten to buy a gift for their Valentine.
So don’t forget, go shopping. Happy Valentine’s!
Grouping multiple gifts into one display
An out of category Valentine's display in the chilled aisle
A further prompt at the point of purchase