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Love drives up economy
USA: According to Robert Passikoff, founder of Brand Keys (New York), a brand and customer engagement research consultancy, Valentine's Day spending will be up 10% from 2010, with an estimate of US$113 as an average gift.
Image courtesy of FreeDigitalPhotos.net and m_bartosch
As part of its bi-annual customer loyalty engagement index, 1200 men and women (aged 18-65) drawn from the nine US census regions, were asked what they were going to do, what they were going to buy, and how they were going to celebrate Valentine's Day 2011.
"Men, women, and friends still intend to exchange gifts... 93% indicated that they are going to celebrate in some way, with $145 spent by men (versus $133 in 2010), and $81 (versus $72) spent by women," Passikoff noted.
Upmarket shift
"This year gift-giving has shifted back to expensive presents and larger gift cards, with the traditional tokens of love and caring all up this year." The top ten gifts for 2011 are cards, gift cards, dinner or entertainment events, flowers, candy, jewellery, lingerie/clothes, perfume/cologne, stuffed animals or balloons and books/CDs/DVDs.
"The purchase of gift cards has more than doubled over the past decade because consumers feel they've become a more-than-acceptable gift - particularly given the broader range of Valentine Day gift recipients," he added. "This year gift card gifting has increased by 10%."
"Valentine's Day remains gender-neutral in terms of how men and women think when it comes to how they'll celebrate the holiday, but along with increased spending, fewer people are indicating that they are going to stay home than in years past," he concluded.
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