The Year of the Puppy Love: 2020 Valentine Data Unplugged
According to the latest reports from NRF 2020 Report and Survey, Consumers are most likely to spend an average of $30.19 on family members other than their spouses compared to $29.87 in the previous year; $14.69 on their close friends, up from $9.78; $14.45 on their children’s classmates and teachers, up from $8.63; $12.96 on their work collaborators, up from $7.78; and $12.21 on their beloved puppies.
Furthermore, Twenty-seven percent of respondents say that they will buy Valentine’s gifts for their pets, which makes it the highest figure in the history of the survey. This is a whopping 17% increase from a decade ago.
With $1.7 billion in sales, pet store retailers have a lot more reasons to celebrate the Year of the Puppy Love. All it takes for specialty store owners to thrive in current economic cycle is to have a reliable, seamless and smart end-to-end retail management software like ChainDrive to help you clap along with happiness while managing your pet business operations in real time including the millions of Gift Cards which consumers will exchange and redeem at a staggering pace…
With a positive consumer confidence, good saving trends, and a proclivity to spend more on well-being, outdoor sports and healthy lifestyles, consumers are once again ready to pamper their friends, families and close collaborators.
In fact 21 per cent of respondents to the survey have intentions to spend an average $5.8 billion on jewelry related products, $4.3 billion on fancy dining (34 %), $2.9 billion on clothing and fashion apparel (20 %), $2.4 billion on sweets (52%), $2.3 billion on flowers (37%), $2 billion on gift cards (19%) and $1.3 billion on greeting cards (43%). Entertainment gifts such as tickets to an event or pampering spa packages are also on the shopping list by 41%.
While Department stores are the ones to get the highest traffic during Valentine’s Day (36%), followed by discount stores and online shopping (32%), specialty stores are expected to grab 19% of shoppers, whereas local small stores stand at 15% followed by clothing stores and jewelry shops tied at par with 11% of intentions.
Overall Valentine’s Day survey results indicate a steady growth of 4.1% since 2019 which is twice the size of the holiday sales scored in 2018 (2.4%).
However, this is only half the story as the newly compiled statistics do not address the dead angles nor the critical success factors to be observed by retailers who wish to surf the rising waves. As matter of fact, the latest NRF Report co-produced with IBM Business Value Institute under the title Meet the 2020 consumers driving change: Why brands must deliver on omnipresence, agility, and sustainability , there are many research insights and take ways.
Here are the Critical Chain-Value Drivers to Reckon with: Convenience and Performance
Whether online or offline, specialty retailers who wish to meet consumer expectations in the #disruptive age must have reliable POS, CRM, Gift Card Management Features like ChainDrive; which stands out as one of the very few innovative companies to offer an All-In-One Software System that is both organic, seamless and expandable. The holistic end-to-end approach and unique experience in digital transformation, agility, predictive management, data driven analytics, navigation dashboards and chain value creation have made Multidev Technologies the best choice when it comes to choosing the most pet-friendly system in the Pet Land World.