According to a study by Numerator, young people will be the main force of online shopping consumption on Valentine's Day this year, among which millennials are the most likely generation to spend more than $200 during the holiday. The study also found that nearly half of U.S. consumers (48%) will shop online on Valentine's Day, with Generation Z, Millennials and Generation X more likely than Baby Boomers to shop online on Valentine's Day. More than half of young consumers plan to shop online, while consumers aged 55-64 and consumers aged 65 and over account for 36% and 29%, respectively. U.S. consumers also plan to give loved ones candy (62%), cards (59%), food (52%), flowers (28%), alcoholic beverages (23%), clothing (15%), spa products (11%) and jewelry (10%) this Valentine’s Day. The study found that Gen Z and younger millennial consumers are 49% more likely to buy experiential gifts (e.g., concert tickets, travel), 29% more likely to buy alcohol, 23% more likely to buy clothing, and 15% more likely to buy spa products. On the other hand, younger generations are 17% less likely to buy Valentine’s Day cards. The study also found that traditional Valentine's Day gifts are declining year-over-year among consumers, with electronics, accessories and jewelry seeing the biggest declines for the second year in a row, while alcohol and food gifts have increased in popularity. Flowers remain a steady decline as the preferred Valentine's Day gift. Notably, Gen Z consumers are the group most likely to say they will increase their candy purchases for Valentine’s Day this year, with 32% planning to buy more candy than they did on Valentine’s Day 2021 and 13% planning to buy even more candy. Half of the respondents expect price increases to have a slight impact on their Valentine's Day shopping, while 24% expect a significant impact. To cope with rising prices, 43% of consumers plan to look for promotions and coupons, 32% plan to shop at different retailers, and 24% say they will buy less this year. Editor ✎ Xiao Zhu/ Disclaimer: This article is copyrighted and may not be reproduced without permission. |
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