V-Day spending will total 19.7 B this year with a growth of 4.2% over last yr and 16.6% over the last 10 yrs (NRF & PROPER INSIGHTS & ANALYTIC$ data). The ups and downs of V-Day spending remind us of the stock market. Our tween yrs’ %s (such as ‘tween 2015 & ’16) show 6 ups and 3 downs.
- Table 1 tells us that 55% of us will celebrate V-Day and 25% of us will choose to celebrate its anti-thesis (self-gifting, going to a singles bar, etc).
- Table 2 notes that 91% of us will remember our significant others on V-Day and that on avg $146 4/5+ will be spent by each V-Day buyer totaling $19.7 B for the US MILLENNIALS (MLLNNLS) will avg spending $190.90 which is an amazing 30% more than the avg American V-Day spender.
- Table 3 discovers that V-Day jewelry buyers, will avg the highest spend $133+ per gift (though ONLY 20% [of the holiday’s spenders] will buy jewelry). We also see that in total, V-Day spenders will spend the most on that “special evening out” (a few bucks less than $4.50 B) with the total spend on jewelry being (45 B) By the way MLLNNLS out spend the avg V-Day spender in every category of purchase from 16% to 50%+. WOW!
- Table 4 establishes the fact that DEPT STORES are the most popular V-Day shopping venue with DISCOUNTERS being 2nd and ONLINE (+CATALOGUERS) being 3rd. MLLNNLS undershop the avg V-Day buyer at DISCOUNTERS and overshop at every other venue of retailer and especially at onlineRS 5% vs 29.0% for the avg holiday shopper. 43.8% of MLLNNLS visit dept. stores (vs 34.5% of the avg V-Day shopper.)
- Table 5 is almost too obvious. 18-34 yr olders have the highest ownership of smart phones (vs the older age brackets); these MLLNNLS plan to use their smart phones to research, redeem coupons, to buy and pay with them more than any other age bracket.
- Table 6 states that by a wide margin, MLLNNLS will give and would like to receive “gifts of experience” much more frequently than either of the other age groups (35-54 or 55 to 65). This table shows that the avg V-Day gifter would like to Buy It 24% of the time vs 42% for MLLNNLS and 39% of the avg holiday buyers would like to receive it (vs 54% of MLLNNLS). The bottom line is that MLLNNLS are much more engaged by gifts with “experiential” value.
- In summation while MLLNNLS are known for being “cheap” or perhaps just “holding tight to their money”, that generality surely doesn’t apply for V-Day spending and shopping. MLLNNLS are definitely the leading V-Day spenders/shoppers in the Clubhouse!
|T-1: DOING WHAT?||TOTAL||18-34||35-54||55-65+|
|CELEBRATE ANTI V-DAY||24.6%||41.6%||20.7%||14.8%|
The reason the % of 18-34 is 41.6% is b/c respondents had the opportunity to check many categories such as self-gifting, a singles outing, and buying an anti-V-Day gift, etc. The sum of these responses was over 40% which means that when added to V-Day celebrations which was just yes or no, and over 60%, one gets an outrageous 100%+. The reader will notice that even though there were the same MLP choices for the other age brackets, the sum was much, much smaller b/c of little relative interest in anti-V-Day celebrations.
|T-2 TO WHOM?||%||$$||TOT B||Y over Y Increase||MLLNNLS vs AVG|
|OTHER FAMILY MEMBERS||56%||$27.79||$3.73||Y||+16.2%|
|CLASSMATES & TEACHERS||20%||$37.08||$0.95||Y||+51.1%|
|T-3 WHAT GIFT||$$||% buy||TOT in B||Up or Down||MLLNNS vs AVG|
|T-4 WHERE TO BUY?||AVG Buyer||18-34||35-44||45-65|
|ONLINE & CAT||29.0%||40.5%||28.6%||21.4%|
|T-5 SMRT PHONE USAGE?||18-34||35-54||55-65+|
|SMART PHONE OWNERSHIP||92.3%||85.9%||63.8%|
|PLAN TO RESEARCH PROD/PRICE||52.4%||30.6%||12.0%|
|PLAN TO PURCHASE PROD||32.3%||16.1%||5.8%|
|USE SMARTPHONE TO PAY||6.7%||4.6%||2.0%|
|T-6 EXPERIENCIAL GIFTING||AVG BUYER||18-34||35-54||55-65+|
|LOVE TO BUY IT||24.0%||41.8%||23.2%||10.0%|
|LOVE TO RECEIVE IT||38.8%||53.6%||40.0%||25.4%|