Some people love to make a fuss, others completely ignore it. Whichever camp you’re in, Valentine’s Day is going to be big business once again in 2020.
This is how your business can attract plenty of love this Valentine’s Day.
We’re planning to spend more on Valentine’s Day in 2020
79% of us will be celebrating Valentine’s Day this year, with 61% planning to buy gifts and experiences, spending £35 per person on average. 1 in 5 are even bigger spenders, planning to spend over £100 on their significant other.
Valentine’s Day spending has increased by 23% compared to 2018, when we were spending £28 per person. As it increases in popularity, there are even more opportunities for small business owners to benefit.
Retailers – stock up on the right gifts
Research from 2018 found that women most want to receive flowers (51%), chocolates (43%), and go out for dinner to a restaurant (41%). Men are also hoping for dinner out (36%) or a home cooked meal (29%), and a Valentine’s Day card (25%).
As romantic as we might think we are, Valentine’s Day gift buying can often come down to convenience. 52% of people rely on their local supermarkets for gift and flower ideas, so independent retailers and florists need to present customers with easy, accessible choices.
Your in-store and online product displays should feature Valentine’s Day favourites, bundle offers to encourage multiple or larger purchases, and plenty of choice for different couples with different tastes. Offering gift wrapping is another major bonus – a huge time-saver for loved up shoppers who are out to impress!
Target men and millennials
There’s a clear gender and generational difference when it comes to Valentine’s Day gift giving. Men spend £44 on average, and are three times more likely to spend a lot of money on Valentine’s Day, while women spend £26 on average.
Millennials spend the most on Valentine’s Day out of all the generations, spending £42 on average. 90% of millennials are active social media users, so targeting them using Instagram, Facebook, and Twitter is one of the most effective ways to bring them to your restaurant, or encourage them to buy from your store.
Smart social media marketing is all about targeting and accessibility – make it easy for them to swipe up, instantly claim vouchers, and book online.
Shoppers are looking for experiences, not just gifts
Restaurants are extremely popular for Valentine’s Day couples – 36% of men and 41% of women want to dine out to celebrate! As well as buying physical gifts, we’re keen to spend time with each other on the 14th February.
Restaurants, hotels, bars, and pubs can get in on the action by offering set menus, spa weekends, pamper packages, themed cocktails, 2-for-1s, and other appropriately loved-up offers for keen Valentine’s celebrators.
Publicise your deals and Valentine’s Day benefits using the most appropriate marketing channels for your audience, and keep pushing them until you’re fully booked, sold out, or it’s the day itself! Some people are a bit last minute and will be looking for quick purchases.
The finishing touches that make all the difference
Finally, it’s time to fill your premises with decorations, banners, balloons, and more. Those nice, seasonal touches go a long way, making the most of your footfall and creating a pleasant, encouraging, and seasonal shopping or dining experience.
Need some extra cash to make Valentine’s Day your best yet? You can raise £3,500 to over £500,000 with Capify and repay little and often. We provide simple, quick and responsible access to alternative finance, supporting independent businesses like retailers, florists, restaurants, bars, hotels, and more.
Find out how much you could raise.