According to the National Retail Federation, we'll see a dip this year in Valentine's Day spending. This isn't too surprising as the economy has weighed heavy on customers.
Traditional gifts, such as candy, flowers and jewelry will see a slight decrease in popularity this year with more consumers preferring gifts of experience and gift cards. Almost half (48.2%) of all consumers plan to celebrate Valentine’s Day with a special night out, compared to 45.3 percent last year, and 12.3 percent will give a gift card, compared to 11.3 percent last year. Greeting cards still remain the most popular choice, though the number of people planning to purchase one is down from last year (56.8% vs. 62.8% last year). Nearly 48.0 percent of consumers will buy candy, 35.9 will buy flowers and 11.8 percent will buy clothing.
How will your company cope with this change in consumer spending?
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