In his piece, Richard explored whether Valentine’s Day is still a growing sales event or whether it may tend to go out of fashion nowadays. “With spending approaching £1bn this year – for many retailers ‘Valentines’ is the first opportunity to kick-start business after weeks of post-Christmas frugality. At a time when the High Street is struggling, Valentine’s Day provides a vital peak in the retailing calendar.”
The piece also highlighted which industries tend to sell the most on this occasion and whether there are now any change in trends. “With fresh flowers reportedly making up 36% of transactions and 40% of overall spend, it is hugely important to florists – although the traditional independent florists have been hit by competition from the supermarkets as well as a desire amongst consumers for more imaginative gifts.”
The piece also mentioned the growing competition from online companies which captured one third of the Valentine’s Day market in less than ten years.