A significant number of consumers appear to have fallen out of love with splurging on flowers, sweet treats, jewellery, restaurants, and other romantic gestures for Valentine's Day, but targeted ads and partnering with influencers may be the way to win back broken hearts.
13% of Brits will not celebrate Valentine’s Day this year, according to Hawk UK, a proprietary platform that enables advertisers to execute multi-channel strategies.
The consumer behaviour study found the reason behind the lack of celebration plans is due to the cost of living crisis while, of those people marking the occasion, 65% plan to reduce their spending.
The situation appears different in the US. Consumers there are expected to spend $25.9 billion on Valentine’s Day 2023, an 8% bump up from 2022’s record-breaking $23.9 billion, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics at the end of January. The trade organisation polled 7,616 US adult consumers Jan. 3 through Jan. 11.
On average, across 28 countries, 55% of adults who have a partner are likely to do something special for the occasion. And that means advertisers across all regions are likely to try harder to win hearts and wallets this year.
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