Since price and value will be important to consumers this year, you can expect comparison shopping to be very important. In the BIGinsight survey, 39.3% of respondents will be shopping at discount stores, 33.2% at department stores, 26.3% will be buying gifts via online shopping, 22.9% at specialty stores, 19.6% at floral shops, 11.2% at jewelry stores, 7.5% at specialty clothing stores, and 2.6% via catalogs.
The key take-away from this post is that even though consumers are being price and value conscious, it doesn't mean they aren't spending this Valentine's Day! Explore the possibility of adding lower cost items (like the smaller chocolate box mentioned above) without sacrificing your profit margins.
Read more about Valentine's spending at nrf.com (National Retail Federation).
As an ag entrepreneur, how do you prepare for Valentine's Day? Do you offer special promotions? What items beyond chocolates and flowers are customers looking for?