New data from Barclaycard suggests that retailers can expect much of their Valentine’s Day products to be sold at the last minute. 36% of consumers plan to do their shopping on Valentine’s Day itself.
This year the event falls on a Sunday and, following last year’s spending habits, Barclaycard believes this could encourage last minute impulse purchases. On Saturday 14th 2015, year-on-year spending increased significantly with purchases of cosmetics rising 51%.
The data also revealed that one in three UK consumers plan to spend up to £30 on Valentine’s Day this year, with 3% planning to spend more than £100. 40% of consumers plan their Valentine’s Day spending less than one week in advance.
Impulse purchasing also leads many consumers to chose bricks and mortar stores over e-commerce options with 36% planning to buy in store and 23% purchasing Valentine’s Day gifts online.
Cosmetics were the third top spending category in 2015, after flowers and confectionery. Philip McHugh, CEO of Barclaycard Business Solutions, commented: “February 14th is a lucrative peak in the year for consumer spending and with last minute shoppers more likely to pick up presents in-store over the weekend, it is especially important that e-commerce retailers focus on driving sales now. Merchants who are successful in providing a seamless shopping experience in the run-up to commercial dates such as Valentine’s Day are far more likely to drive repeat custom throughout the rest of the year.”