As Valentine’s Day approaches, sharing love isn’t the only thing on our minds. Consumers are preoccupied with getting their significant other a gift that will show their love. And for countless businesses across the world, now is the time to prepare for another spike in profits following the holiday season.
Last year, the National Retail Federation (NRF) estimated that the total revenue brought in for Valentine’s Day purchases would total almost $16 billion. Although this Valentine’s holiday estimate is far exceeded by the 2010 December holiday season’s revenue of $471.5 billion, $16 billion of revenue certainly makes Valentine’s Day an important day for businesses.
As far as the cost for individuals, the average amount that people were expected to spend on Valentine’s Day last year was $116.21. The NRF also estimated that men would spend about twice as much as women.
Guessing which industries profit the most from Valentine’s Day is relatively easy. Perhaps the most cliché—and successful—businesses that profit from Valentine’s Day are those that sell candy, greeting cards, and jewelry, but florists, movie theaters, and restaurants also depend on Valentine’s Day sales.
Even businesses that aren’t a traditional part of the Valentine’s Day market are trying to get a share of the holiday’s revenue. For example, Nintendo is releasing a pink version of its 3DS hand-held gaming system for individual sale on February 10th.
In the business world, get creative when promoting products around Valentine’s Day. Don’t forget to try marketing themes, contests, and giveaways to make your products or services more Valentine-friendly.
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