Price Is Top of Mind for Valentine's Day Shoppers
A new Inmar Intelligence survey reveals what retailers can expect from Valentine's Day sales this year.
The company's 2022 Valentine’s Day Survey shows that while more than 80% of consumers plan to buy candy and chocolate this year, almost 94% say cost savings are “important” or “very important.”
Inmar’s survey also shows that, with the right incentives in place, almost 30% of shoppers are planning to spend $200-$500, and 12% will drop over $500 on Valentine’s gifts and other items.
However, brands shouldn’t count on their customers being loyal shoppers this Valentine’s Day, unless they offer the right discounts and incentives. According to respondents, 86% will search for coupons before making their purchases, and 94% are open to purchasing from a new brand that offers a coupon if their preferred brand did not.
“Romance is alive and well, but not at any cost,” said Spencer Baird, EVP, president of Inmar’s Martech division. “Brands that assume their customers are loyal need to be careful. Faced with today’s rising prices, shoppers are going online, and into their preferred loyalty apps, to search for savings. This unprecedented willingness to switch brands in order to save money continues to trend upwards.”
Some additional key findings from the survey:
- 30% of Valentine’s Day shoppers will buy online
- More than 50% plan to mix digital and physical shopping equally
- 72% will celebrate with their significant other
- 75% plan to go out to dinner
Where are shoppers looking for Valentine’s Day inspiration?
- Instagram (68%)
- YouTube (58%)
- TikTok (53%)
- Pinterest (41%)
- TV news (34%)
- Blog posts (32%)
To see more of the Inmar data, click here.
