ACCORDING TO THE National Retail Federation, consumers plan to spend an average of $196.31 for Valentine’s Day. From a dollar amount perspective, this is one of the lower averages spent compared to other Hallmark holidays like Christmas, for which the average household spend in 2019 was $1,496.
This lower average is what stops the majority of retailers from seeing the bigger picture of why they should be promoting this holiday. Doing so will not only drive new customers, but bridal customers at that.
I hear regularly from retailers who are either not planning to promote Valentine’s Day at all, or who are going against the curve to try to sell higher price-point items, which in turn leads to an unsuccessful Valentine’s promotion. These are the most frequent objections I hear to promoting Valentine’s:
“We don’t want to waste time selling $200 items when we can be selling $4,000 engagement rings.”
“$200 items are not our store image.”
“We don’t have customers that spend only $200.”
When I hear these statements, I ask the retail jeweler two questions:
- How do you think the person that buys the $4,000 engagement ring determines which store to buy from?
- Have you considered that the image you have portrayed makes consumers feel they cannot afford to walk into your showroom?
Consider the data below, which could possibly change your mind.
- Ninety-five percent of women who receive an engagement ring received another gift of jewelry within 12 months before receiving the engagement ring.
- Even better, according to George Prout, chief marketing officer at Gems One, 14 percent of male shoppers who are attracted by a marketing program purchase an engagement ring within 12 months.
Jewelers will do well to notice the connection here and start to see the bigger picture: Promoting Valentine’s Day is a pathway to a significant increase in bridal sales and new clients.
This year, make it your goal to have in stock essential price-point merchandise under $200. Have designated showcases that are only filled with products in this price category.
Understand that Valentine’s Day is statistically speaking a lower price-point holiday, so stop going against the curve thinking you are going to sell higher price-point items and focus on what we know sells.