Valentines Day can often be an expensive time of year for couples, but it’s not just couples who need to think about this day, the lead up to the 14th of February can be an important time for businesses, too. Valentine’s Day can be a real money maker and an opportunity to cash in on those looking to impress their loved one.
But what are the top gifts we like to receive for Valentines? For women, the number one gift to receive is flowers, followed by chocolates or a romantic meal. Other favourites include lingerie, jewellery or a beauty treatment.
For men, tickets to a sport or music event are the most popular gifts. Other preferred gifts include grooming products, DVDs & games, aftershave or a meal out.
What This Means for Businesses
So what does Valentine’s Day mean for your business and how can you take advantage of this opportunity?
• Restaurants – Around 50% of those celebrating Valentine’s Day plan on doing so at their favourite restaurant, why not treat your diners to a special Valentine’s menu? Google searches for the term “romantic restaurants” increase dramatically around Valentine’s Day. Have you invested in your website?
• Hotels – In 2012, searches on the Hotels.com mobile app increased by 22% around Valentine’s Day. This shows us that people like convenience, they like to book using apps on the go. Does your hotel have good online presence, or a mobile app? Perhaps this is the time to make an investment.
• Florists – Roses are big business for Valentine’s Day! In 2012, over 224 million roses were produced just for this day, accounting for 42% of flowers purchased – are you fully stocked? It is even estimated that as many as 15% of women will send themselves flowers.
• Chocolates – Chocolate chain Thorntons produce an extra 1 billion individual chocolates to cater for the increase in demand around this time of year. Why not stock a new selection of flavours to really take advantage of this?