Confectionery comes up trumps
Barclaycard data suggests that online retailers could miss out on one of the biggest trading periods of the year as a last minute in store shopping rush is expected on Valentine’s Day this Sunday.
More than a third (36%) of shoppers plan to leave their Valentine’s purchases to 14 February, meaning impulse buyers are likely to shop in store rather than online to buy gifts for their loved ones.
Data from 2015 shows that as Valentine’s Day occurred on a Saturday, year on year spending on 14 February was up significantly as shoppers rushed out to make last minute buys on the high street. This trend is expected to be replicated this year, with Valentine’s Day falling on a Sunday, meaning e-commerce only retailers stand to lose out on vital sales if they do not use the week ahead to entice shoppers to buy online.
Confectionery sales rose 42.2% in February 2014, with a further growth of 8.2% in 2015. The data also revealed that confectionery is considered the second top spend categories at 68% in 2015.
Spending on confectionery jumped 68% on 14 February 2015 compared to 14 February 2014 when Valentine’s Day was on a Friday, as gift buyers took advantage of the weekend to buy treats on the day.
With two in five (45%) of Valentine’s Day shoppers yet to buy gifts for their loved ones, however, there is still time for e-commerce retailers to buck this trend by offering targeted incentives and promotions to entice shoppers to both save money and avoid the queues in stores.
Barclaycard’s research shows that introducing exclusive online reductions and promotions could help boost consumer spending over the next week, as over a third (38%) of shoppers admit they would be swayed by discounting when looking for a gift for their loved one.
The opportunity to drive online sales over the course of the next week is greatest among 18 to 24 year olds with over one-third (36%) expecting to choose the web over the high street to buy gifts this Valentine’s Day, compared to just one in ten (11%) over 55s.
