As a country, we claim to place very little importance on Valentine’s Day with the majority believing it a waste of money.
However, what we say and what we do are two very different things, as over half a million British consumers buy something for their partner. Although Valentine’s Day ranks behind Halloween, Mother’s Day, Easter and Christmas in the UK’s £40 billion gifting market, takings are expected to exceed £1.3bn according to the British Retail Consortium, an opportunity that brands and retailers can’t afford to miss out on.
The spending is led by generous, or some may say panicking men. It was estimated that British men would fork out £622m, compared to £354 m spent by women, a 10 percent increase on the previous year.
53 percent of women say they will break up with their boyfriends if they don’t receive a gift and yet many claim it’s not important. It’s a complex situation, but it’s reasonably consistent. Analysts at ReportsnReports say: “The occasion has evolved to the extent that customers feel a sense of obligation to purchase products, regardless of their personal level of apathy.” And this is a great situation for British retailers.
Even better news for supermarkets is that 37% of gifts were bought in supermarkets last year, a 10% increase on the previous year. Supermarkets are offering an even wider range of themed products this year including more on the higher value end.
As with any event on the retail calendar, the key to success lies in availability, visibility and timing. In such a competitive and crowded marketplace, space is at a premium, and that means that brand representatives need to be communicating with retailers to ensure products are given optimum shelf and promotional space. With creative and driven representatives, extra space can always be found, for example POS and off shelf displays, carefully positioned in high footfall areas will increase visibility. Combine this with a clever promotional offer, supported by an enticing merchandising display and you’ve got a winning formula.
So the success of these three critical considerations is down to the people. Strong and influential relationships where it matters most, in store, will ensure that your brand is available, visible at the right time.