Dog holding leash in mouth waiting to go outsideAmericans show their love for their cats and dogs every Valentine’s Day by spending hundreds of millions on pet care, grooming and treats among others, according to the National Retail Federation (NRF).
The $751-million spending forms part of NRF and Prosper Insights & Analytics’ estimated $19.6-billion spending on Feb. 14, up by $1.4 billion from the previous year.
Aside from retailers, the 27% year-over-year increase in spending among pet owners is good for veterinarians. Pet clinics particularly focus on millennials since they represent the “largest generation of pet owners,” said Katherine Cullen, NRF director of retail and consumer insights.
For this reason, you should likewise consider improving your promotional tactics. These strategies do not have to be expensive and may even be as simple as prescription labels for veterinarians. Many retailers already know the importance of effective marketing, especially for online purchases. E-commerce accounts for 29% of all sales on Valentine’s Day, according to the survey.
Phil Rist, Prosper Insights & Analytics executive vice president of strategy, said Feb. 14 has been a good excuse for many Americans to appreciate their loved ones. Candy purchases alone amounts to around $1.8 billion, while spending among romantic partners remains unsurprisingly the highest source of purchases at $12.1 billion.
NRF and Prosper Insights & Analytics based their findings from a survey of more than 7,000 Americans. It projected average spending to amount more than $140, while those between 25 and 34 years likely spend more than $200 on average.
Retailers and other businesses should take advantage of this expected increase in spending every Valentine’s Day. Even single people will likely buy something for their family, friends and pets. If today were Feb. 14, are customers familiar with your products and services?