According to the latest report released on January 30, 2020, by #NRF, another milestone and blockbuster month is waiting for American retailers in the jewelry business. Those surveyed on their spending forecasts are optimistic about their household incomes, buying power and the job market in general. They are planning to spend an average of $196.31, a whopping 21% over the previous record of $161.96. Showering close friends, co-workers and family with #Valentine gifts is expected to skyrocket to $27.4 billion, up 32% from last season’s record $20.7 billion.
Here are some facts and figures on the growth rate of # Valentine Economics in the last decade. According to the latest NRF’s Annual 2020, Valentine’s Day Spending Survey and conducted by Prosper Insights & Analytics, the gifts of love are driving retail sales through the roof:
- 2009: US$14.7 billion
- 2010: US$14.1 billion
- 2015: US$18.9 billion
- 2019: US$20.7 billion
- 2020: US$27.4 billion
With positive consumer confidence, good saving trends, and growing household, consumers are once again ready to pamper their friends, families and close collaborators. As a result of the steady economic indicators, the savings rate is slightly ticking upward.
In fact, 21 percent of respondents to the survey have intentions to spend an average $5.8 billion on jewelry-related products, $4.3 billion on fancy dining (34 %), $2.9 billion on clothing and fashion apparel (20 %), $2.4 billion on sweets (52%), $2.3 billion on flowers (37%), $2 billion on gift cards (19%) and $1.3 billion on greeting cards (43%). Entertainment gifts such as tickets to an event or pampering spa packages are also on the shopping list by 41%.
While Department stores are the ones to get the highest traffic during Valentine’s Day (36%), followed by discount stores and online shopping (32%), specialty stores are expected to grab 19% of shoppers, whereas local small stores stand at 15% followed by clothing stores and jewelry shops tied at par with 11% of intentions.
Overall Valentine’s Day survey results indicate a steady growth of 4.1 since 2019 which is twice the size the holiday sales scored in 2018 (2.4%).
This is only half the story as the consumer’s report focuses on the critical success factors for retailers who wish to jump on the wagon without missing the positive news. In the NRF Report co-produced with IBM Business Value Institute under the title Meet the 2020 consumers driving change: Why brands must deliver on omnipresence, agility, and sustainability, there are many research insights and take ways.
Here are few Chain-Value Drivers & Take-ways:
With the changing lifestyles and the rise and the increasing demand for convenience, agility and seamless processes aimed at trends where you buy online and pick-up the store is increasingly popular. While chain supply management is fairly standard, many small and medium stores, retailers and wholesalers are prone to adopt lean management processes to handle omnichannel transaction which rely on fully integrated systems like Chain Drive and its user-friendly ERPs for family-owned business and specialty stores with a desperate need for customer-centric tools which were made-to-measure for retailing in the disruptive age.
Whether online or offline, jewelry retailers who wish to meet current expectations and adapt to the changing consumer trends and behaviors must not only depend on reliable and seamless POS, CRM, Gift Card Management solutions to fuel their frenzy-driven Valentine sales, they need to invest in partners (not just on software alone) who have an extensive experience in retail management, digital transformation, organizational development, and customer satisfaction among many soft skills-centric solutions
Very few retail technology powerhouses have dedicated advisors and training academies to help their customers and valuable brands cope with the Retail Revolution on a continuous basis. By fostering non-linear thinking and holistic processes, some retail software companies like Multidev Technologies just launched its management training, tutorial programs, and design thinking workshops to help its customers and valuable brands develop a pre-emptive mindset and start-up culture. Powering the retailing operations without empowering the entire workforce at every level and every layer of the organizational iceberg is like ignoring many dead angles at every turn.
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