How to prepare for Valentine's Day 2023
Discover retail tips and tactics to drive sales this Valentine's Day.
Love it or hate it, Valentine’s Day is the first milestone on many retailers’ marketing calendars each year – and given it brings in moe than $400 million for Australian retailers, it pays to play cupid with customers. “There are a lot of opportunities for retailers… to play in that space,” says Brian Walker, the CEO of Retail Doctor.
And it’s not just the florists and chocolatiers who can benefit from the $111 each Valentine’s Day shopper spends on average. “Every retailer should ask themselves if they have a brand or offering that evokes an emotional response from a customer, and if so, can they do something with that emotion of romance, and can they be authentic about it?” says Walker, who adds that this doesn’t mean simply “sticking on a couple of red hearts on at the end of the display as a bit of an afterthought.”
Here’s how to make the most of Valentine’s Day in 2023, whether your regular campaign needs a refresh or you’re trialling one for the first time.
Think outside the chocolate box
Red roses, chocolates, lingerie and jewellery might be the classic gifts, but there are plenty of products that can be promoted as romantic. “Homewares is an obvious example where it just makes sense,” says Walker.
Beautiful stationery, gourmet food products, gardening, furniture, tech and more have plenty of room to be pitched as a personalised way to impress your partner. And experiences are on the up: in fact, almost half (41%) of 25-34 year old consumers are looking for experiences rather than physical products for the object of their affection.
Know your customer
One size doesn’t necessarily fit all when it comes to Valentine’s Day, and it pays to know who you’re targeting. Looking back on your Valentine’s Day sales for 2022 will provide helpful data on shopping habits – who bought what, which products sold well and what didn’t work.
Then, there are two demographics retailers should consider speaking to specifically: Millennials are the biggest Valentine’s gift-givers, representing almost 36% of all Valentine’s spending, according to a survey by Roy Morgan and the Australian Retailers Association . Meanwhile, men spend more (male consumers will spend an estimated $63, while females will spend $46).
Make it easy
Shoppers start looking for Valentine’s Day gifts in the last week of January according to Google Trends, so start planning your marketing activities now. This might include adding promotional flyers to orders throughout January, planning social media content and sending out reminders and countdowns to your mailing list. And make sure you’re directing people to Valentine’s ideas on your website - a Valentine’s Day shopping category or a gift guide for different tastes and budgets offers convenience for customers – which translates to more temptation to buy.
Use our free merchant assets to promote your business online this Valentine's Day...
Have fun with it
“This is one of the great times to be cheeky,” says Walker. “It will make sense for many to not take it too seriously.” While it’s natural for some brands to run with Valentine’s Day as romantic day with a capital R (think jewellery), others will do better with a dose of irreverence and humour. Think about opportunities that speak to the personal, unique approach over the generic gift choice – think messaging around giving them “what they really want” or something that will “show them you know them better than red roses ever will”, for example.
Don’t forget Galentine’s Day
Speaking of irreverence, don’t forget that the day before Valentine’s Day, February 13, is Galentine’s Day – an opportunity to celebrate non-romantic friendships, and another opportunity to market to a different demographic.
“It’s a great thing for retailers to lean into because Galentine's drives that inclusion of everyone rather than just those that are in the relationships,” says Anastasia Lloyd-Wallis, head of consumer insights at Retail Doctor, who points to the recent drive to treat yourself and friends with small value goods.
"Galentine's Day [is about] inclusion of everyone rather than just those that are in the relationships."
“I think that's probably what we’re seeing with the rise of Galentine's Day, in particular around the Gen Z segments who are all about inclusion.”
Offer last-minute options
Most Valentine’s Day shoppers are procrastinators: 32 per cent of purchases are made the week of the holiday. Capitalise on this by emphasising urgency and offering solutions for shoppers who have left things to the last minute. Remind customers and email subscribers about shipping cut-off dates, and ensure you offer express post and a click-and-collect option for those who are late, as well as vouchers (for those who are really, really late).
Consider value adds like free gift wrapping, hand-written cards with the order to save time, or even bonuses like chocolates – when people are disorganised, they’ll appreciate having a few steps taken off their hands.
Partner up
Limited-edition collaborations between like-minded brands can tap into feelings of exclusivity and uniqueness for shoppers looking for something special for their sweetheart – while also exposing your brand to new, like-minded customers.
Think complementary brands rather than competitors: if you sell chocolate, perhaps you could team up with a winemaker, or if you’re in the homewares industry, a limited-edition bowl coupled with high-end snacks could appeal.
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