RetailNext investigated North American shopping behavior leading up to Valentine’s Day for two segments – jewelry and luxury gifts for men. The general trend supported previous observations that Valentine’s Day gift shopping trends upward sharply in the few days before the holiday and peaks on the day itself. In particular, the week of Valentine’s Day (Monday through Thursday) saw an overall sales increase in these channels of 81.0% over the same four days of the previous week. This huge increase was driven by a traffic surge of 27.2%, an ATV (average transactional value) increase of 4.3%, and a massive conversion increase of 5.1 basis points.
In the jewelry segment specifically, sales were up 54.4% on a traffic increase of 23.3%, an ATV increase of 7.9%, and a conversion increase of 1.9 basis points.
But the big winner was men’s luxury goods. This segment doubled overall sales at a whopping 100.2% increase. This increase owed itself in part to healthy increases in traffic and ATV (33.9% and 4.2%, respectively), but the main driver was a mammoth conversion increase of 8.2 basis points.
Valentine’s Day itself increased week-over-week from the previous Thursday by huge amounts, with a 126% sales increase in the men’s luxury segment and an 83% hike in jewelry sales. However, Valentine’s Day was not the dominant day for all types of shoppers. February 13, the day before Valentine’s Day, actually edged out Valentine’s Day itself for sales of men’s luxury gifts. And while overall shopping for our sweethearts was highest on Valentine’s Day proper, hunting for expensive gifts (over $100 ATV) actually peaked on the Sunday before Valentine’s Day. These patterns imply that on the whole women shop earlier than men and that expensive purchases definitely get earlier consideration than less expensive ones.
For this analysis RetailNext considered data from more than 150 stores and 1.4 million individual shopping trips.