Spread the Love Objects

To derive maximum revenues from your Valentine’s Day selling, have items available for your shoppers’ associates and acquaintances as well as for their lovers. Also emphasize gifts for younger adults.
     According to the National Retail Federation, about 60% of American adults will be buying, and those who do buy will be spending about $131 on average compared to about $126 last year. The increase comes from items purchased for people aside from the main sweetheart. About 91% will be buying for a significant other, 60% for other family members, 39% for coworkers, 34% for friends, 30% for their children’s classmates and teachers, and as for pets, 20% of the shoppers will be spending money there.
     Younger consumers are more likely than older consumers to buy for this holiday.
     As in past years, men are predicted to outspend women—this year, by twice as much. For all shoppers, the most popular gifts will be candy (51% of shoppers), flowers (37%), jewelry (20%), clothing (16%), and gift cards (15%).
     And as in past years, there are cross-currents in pricing considerations for Valentine’s Day items. Choose among three trends:

• Cut prices to build sales among those ambivalent about spending money. Researchers at University of Nevada-Las Vegas and University of Georgia-Athens documented a trend for couples in long-term relationships to resist the pressure to buy gifts. Some of the research participants were irritated even at the expectation they’d buy greeting cards. “Valentine’s Day is a great marketing scam by the greeting card people,” said one. Moreover, the research found evidence that retailers who hype Valentine’s Day purchases risk alienating consumers in ways that would last well beyond February. 
• Raise prices the week before Valentine’s Day because price sensitivity fades. Research findings from Stanford University, University of California-Berkeley, and University of Chicago suggest that when a gift is expected, the giver waiting until the last minute gets increasingly interested in avoiding pain. The result is they’re willing to pay more for a gift and often more willing to upgrade to a fancier gift. The UNLV and University of Georgia researchers might agree this is true for younger lovers, even if not for those in long-term relationships. 
• Keep prices steady. This might be the best alternative, but monitor your sales and customer reactions so you can make last-minute adjustments this year or at least get some baseline information to help in next year’s pricing plans. 

Click below for more: 
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