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Valentine’s Day is next week, and if you are celebrating, you are in good company. 57 percent of consumers will be celebrating Valentine’s Day this year, up 4 percentage points from last year. And while this holiday is traditionally for couples, more and more people are using February 14 to show affection for other important people in their lives.
In fact, 55 percent of shoppers plan to buy more than one gift. While 4 out of 5 will buy a gift for their significant other, 1 in 3 will buy a gift for their child, 17 percent will buy a gift for their parents, and 16 percent will buy a gift for another relative. Women are more likely than men to buy gifts for a non-partner, especially parents. They are, in fact, almost 3X more likely than men to buy a parent a Valentine’s Day gift.
Looking at spend, however, it seems like men are going for quality over quantity. This Valentine’s Day, men will outspend women by 68%.
The difference in spending may be due to the types of gifts being purchased. While men favor classics, like flowers and dinner (which don’t come cheap!), women buy a much broader range of smaller ticket items, including stuffed animals, movie tickets, and gift cards.
When it really comes down to it, it doesn’t matter what you buy or how much you spend, as long as you do with love. Happy Valentine’s Day everyone!
Debra Miller Arbesman is senior associate, retailer and consumer products at Compete, a Kantar Media company that helps brands improve their marketing based on the online behavior of millions of consumers.