With cost-conscious consumers looking to stay within a budget this Valentine’s Day, a new survey from Daymon Worldwide reveals that 72 percent of respondents will buy a Valentine’s Day gift from a store where they also purchase groceries. Fueled by the savings on these items, consumers also plan to splurge on experiences, like going out for a romantic dinner.
“Twenty percent of respondents indicated they will be purchasing more private brand Valentine’s Day items where they buy their groceries than they have in the past, and more money saved means more spending on experiences that couples can enjoy together,” said Janet Oak, Daymon head of global advisory and custom shopper insights, in a news release. “In fact, 48 percent of respondents said they were just as interested in purchasing experiences as they were products or gift items for Valentine’s Day.”
Shopping for a Valentine’s Day gift at a traditional grocery retailer is not new. In fact, 89 percent of respondents said they had previously purchased Valentine’s Day gifts from the same stores where they purchase groceries. According to Oak, “this means retailers have an excellent opportunity to position their merchandise as an attractive gift-giving option for Valentine’s Day that allows consumers to use their savings to enjoy sought-after experiences with their loved ones.”
When respondents were asked exactly on which experiences they would spend the money they saved by shopping for gifts at the grocery store, 70 percent said they would use it to enjoy dinner at a restaurant, 32 percent said they would see a movie, 26 percent said they would prepare and enjoy a dinner at home, and 21 percent said they would spend it on spa services like a massage or manicure.
Considering 43 percent of respondents plan on spending more than $50 on Valentine’s Day gifts where they buy their groceries this year, retailers who can cater to their needs with innovative options can capture a significant profit, according to Oak.
“Retailers can leverage their private brands as a means to differentiate from competitors and inspire core consumers,” said Oak. “With Valentine’s Day and other gift-giving occasions in mind, retailers should invest in making it easier for their target consumers to shop and buy exactly what they’re looking to give to that special someone through merchandising, in-store signage and circulars or flyers.”
Respondents cast their vote as to how retailers can best cater to their Valentine’s Day shopping needs. Fifty-seven percent indicated that having gifts and items grouped or displayed together in a single location would make shopping easier; 45 percent indicated that in-store signs directing them to offerings would be helpful and 37 percent indicated they’d prefer Valentine’s Day merchandise to be highlighted in store circulars and flyers.
“It’s imperative that retailers invest in making their private brands authentic representations of their worth in the lives of their shoppers,” said Oak. “That includes providing quality products for gift-giving occasions to make those often-rushed tasks easier and more rewarding for their shoppers.”
Source: Bulldog Reporter’s Daily Dog