Cupid’s arrow might not always hit its mark, but Valentine’s Day is still celebrated in a big way. Last year, more than half of American’s dropped a bundle of money in the name of love. Time-honored purchases of chocolate, oversized bears, cards, and flowers kept the retail fires burning. Each year, however, shoppers are looking for gifts that hit differently than previous ones. This trend means growing opportunities for advertisers who can think about how to contextualize their products as expressions of love and truly optimize on this holiday.
Who Dominates Spending on Valentine’s Day
Products promising to spice up this once a year special day have proven to appeal to most. Marketers with the ability and creativity to position their products as gifts expressing romantic love, platonic love, pet love, and other extensions of such heartfelt emotion can capitalize on shoppers’ quest to find that perfect something for that special someone. According to a Statista survey, love-inspired buyers are expected to spend 27.4 billion dollars in 2020. An NRF survey found that Valentine’s Day consumers aged 35-44 spend around $279 per person, with 25-34 year old adults spending only slightly less.
According to a January survey done by Bankrate, younger Millennials and Gen Xers are outspending other age segments this Valentine’s Day. Of the 1,000 consumers surveyed, those in the younger Millennial group reported the expectation of having $200 – $500 spent on them. And while givers are expecting to receive not just token mementos, but higher ticket items, respective marketers can expect their season to “lift” with jewelry, clothing, dinners, and vacations all able to promise top-shelf offerings that demonstrate extravagant devotion.
Shoppers last year also made it okay to splurge on THE #1 special someone – themselves. “It’s pretty telling that people who spend on ‘myself’ would be quite generous about it. Boyfriends, girlfriends and even spouses may come and go, but one’s self is always there as a loved one,” said eMarketer senior analyst Mark Dolliver. The self-love categories have a distinct advantage with theme-appropriate products and built-in sizzle. Pet gifts are also a natural fit as marketers leverage epic cuteness to tug at heartstrings and wallets.
But before you decide that Valentine’s Day isn’t for everyone, think about the fact that you can name a cockroach after your ex to commemorate anti-Valentine’s Day sentiment. Taking a page from non-traditional Valentine’s ads embracing a wider range of creative possibilities can put brainstorming efforts on track to seize V-Day as marketers. Passions run high; as do price tags for experiences like trips, concerts and spa retreats.
It’s a holiday that encourages just enough crazy for almost anything to resonate. But think fast, because the advertising window for Valentine’s Day is comparatively short and if you haven’t already done so for 2020, you better get to work on your 2021 strategy!
Color Me Pink (and Structure Products for Gift-Giving)
Creating a Valentine’s Day campaign in a time-crunch doesn’t have to hurt like a heartbreak. It just means getting in the holiday spirit and positioning your product or campaign in such a way that a hopeless romantic can’t ignore. The over-the-top nature of the holiday is the perfect match for over-the-top ads both literally and figuratively. Pink posts themed for the holiday persuaded 57% of Millennials polled by Bankrate to spend on things they hadn’t intended to buy, reporting that they felt compelled to keep up with those in their network who shared exciting purchases on social media, either for themselves or significant other.
The trick to Valentine’s Day is to balance e-commerce with brick-and-mortar campaigns to capture the most hearts and dollars. But where does one start?
Make the shopping experience seamless. Create gift guides with items curated and categorized by recipient or price. Bundling products into gift baskets, packages, and sets is one way to make gifting nifty and fun. Gift card promotions are also a no-brainer as a go-to solution for last-minute shoppers. To wrap it all up, don’t forget the power of FOMO and offer one day only promo codes or countdown your low-stock inventory so the possibility of missing the deal becomes real.
Keeping authenticity in mind, remember that it’s going to take more than a heart-shaped decal to make your ads stick. Ads perceived as disruptive vs. trustworthy has resulted in 34% of U.S. adults breaking up with a brand. And we don’t want your brand to be lonely on the holiday of love, do we? It’s hard to gain back credibility, so be sure to reach out in ways that are authentic and aligned with consumer expectations.
February 14th is coming and the whirlwind affair of preparing for it needs to begin right now. Whether you’re in the V-Day zone or not, your customer is out there right now ready to be yours if you show them you care.
If you are thinking about launching a holiday advertising campaign, contact us to learn how we can help you drive business goals.
