A report published last week by the American Retail Federation (NRF) presents some interesting data on the consumption habits on International Valentine's Day: Overall, spending on Valentine's Day (including gifts for pets, family self-gifts, spouses, etc.) continues to increase Every year, when in 2024 they are expected to amount to 25.9 billion dollars, compared to 23.9 billion dollars in 2023.
What do lovers invest in?
The most popular gifts are: sweets and chocolate greeting cards, flowers, outdoor recreation, jewelry (and watches), clothes and shopping vouchers (which is considered the easy solution that allows you to buy exactly what is right for you.
Chocolate continues to be a popular gift among consumers, one that can come as a gift on its own or join a central gift. According to the report, spending on sweets is expected to amount to 2.7 billion dollars this year, representing Approximately 10% of total spending for Valentine's Day, with chocolate accounting for approximately 75% of candy sales.Jewelry also maintains a place of honor with total sales estimated at approximately $7 billion this year.
Over 40% of jewelry purchases as a gift are made within the three days leading up to Valentine's Day. Not just spouses, beloved pets also get gifts (they deserve them): an estimated 19% of pet owners buy gifts for their pets on Valentine's Day, with spending on pets nearly $1 billion. If you were wondering how many even plan to celebrate this day, it is estimated that about 53% will celebrate Valentine's Day (makes sense if you consider that singles are less likely to bond over the holiday, the average spending per person is expected to be $186 per person, with millennials 35-44 intending to spend The most.
And where do consumers prefer to shop?
Unsurprisingly ecommerce continues to thrive with online shopping being the most popular choice for purchasing gifts.
Despite the difficult period, "We estimate that even this year Israeli consumers will celebrate Valentine's Day," explains Doron Levana, CEO of the Shanti jewelry chain, which this year presents a wide collection of jewelry and unique promotions for lovers. "Ultimately, people are looking for anchors of joy and contentment, and Valentine's Day He is such an anchor," explains Tal Raz, one of the owners of the Gentleman chain. "At the consumer level, we have learned from past experience that during times when the supply of entertainment is small, the budget is directed to more modest luxuries.
In complex times, consumers have a tendency to choose more modest gifts as a substitute for vacations or meals at chef restaurants." Raz concludes. "According to consumption data from recent years, it seems that Valentine's Day has become an integral part of the Israeli calendar, so despite the period, we expect that many lovers will continue to celebrate it , of course in a more modest way. That's why we prepared with promotions and products that match the current nature of the consumer's demands," explains Raz. Along with the complexity created by the harsh reality, there are consumer trends that we are going to pay attention to this year as well.
Women hesitate twice as long as men before purchasing a gift, but at the level of the financial investment? According to data published by the NRF in the new report, the average man will spend 2.5 times more on a gift on Valentine's Day, compared to the average woman.
And when do you spend more? An interesting statistic is that the international version of Valentine's Day, "Hollentize" beats Tu Bab in the battle for the attention of Israelis who spend on Tu Bab an average of 397 NIS compared to 433 NIS for Valentine (according to data from the Gentleman Network for 2023) .
Chocolate and flowers have long been not the main gift, but a gift that some romantics usually add to the main gift.
And what about jewelry?
Here is a particularly surprising figure: according to data from the Gentleman network, they are not in the list of the 5 most popular categories that men choose to buy for women on Valentine's Day. what yes Status symbols such as watches, massage devices and cards and love games and office stands, alongside designed art details and decorative accessories. Precisely in the segment of gifts that women buy for men, one of the leading categories is jewelry, alongside: bags, watches, pens and wallets.
Are consumption habits different among gay couples?
According to the data published by the Gentleman network, it seems so. The top categories women buy for women: gadgets and gizmos, watches, office stands, pens and jewelry miniatures.
And what about the gifts that men buy for men?
Categories stand out here, such as: smoking accessories, lighters, games (chess/poker), shaving products, camping products, watches and pens.
