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February 13, 2024
Red roses, chocolates, a romantic dinner and decorations – this is how it is customary to consider the perfect Valentine’s Day, or the holiday of all lovers, which is celebrated on February 14. However, recent trends suggest that this is not entirely the case.
All the romantic gestures that accompany the holiday cost a lot of money. In the USA, for example, Valentine’s Day is second only to Christmas in terms of consumer activity. And this year, Americans are predicted to spend 26 billion dollars on it.
So there are new players in the multibillion-dollar Valentine’s market who also want a bite of the pie. They change views on traditional gifts and suggest focusing primarily on yourself, not on your partner.
And as an alternative, they offer, for example, Galentine’s Day, which is celebrated the day before Valentine’s Day.
Its name comes from the slang word “gal”, which means “girl”. The holiday was invented by the fair sex and now on February 13 they shower their girlfriends with love, care and attention.
Organizations fighting for women’s rights and various companies are trying to popularize Galentine’s Day, which sees it as another way to raise profits.
“We’re seeing some leading brands start to understand more regarding what Valentine’s Day really means,” says Joanna Feeley, founder and CEO of UK-based trend forecasting agency Trend Bible.
“Valentine’s Day is not dead, but it needs rebranding,” she is convinced.
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image copyrightCourtesy of Bombas
Photo Caption,
Valentine’s Day is not only an occasion for a jewelry gift
More inclusiveness
Many people want this holiday to be more inclusive, recognizing the importance of platonic relationships and taking care of yourself, not just your partner, says Faye Landes of Landes Advisors, an American consulting company.
“Consumers have become more holistic regarding [Дня Валентина]. They no longer see it as a day exclusively for romantic relationships,” says Audrey Chi-Reed of the research company Forrester.
This led to perhaps the biggest evolution in the Valentine’s Day market: the emergence of products for self-care and health.
Consumers, according to Feeley, are increasingly interested in “self-centeredness.” It can look like anything: from celebrating alone and giving gifts to “your loved one” to completely abandoning romantic rituals.
That is, people want to treat themselves and their friends in the same way as a romantic partner.
A 2022 study by international dating platform Plenty of Fish found that 36% of 2,000 Gen Z and Millennial Americans surveyed plan to spend Valentine’s Day with friends by having an evening of self-care.
This approach is especially popular among young people, with Y Pulse 2023 data showing that more than a quarter of Gen Z respondents said they were most likely to spend Valentine’s Day with friends, and also said they would buy them gifts.
This radically changes the market and opens the door for such brands as, for example, Bombas – a well-known manufacturer of socks.
The New York-based clothing retailer’s products are usually most popular during the Christmas season, but for the past few years Bombas has seen a surge in sales in the run-up to Valentine’s Day, with their themed sock and beanie sets becoming bestsellers.
“Our offers for Valentine’s Day this year, especially for women, are in crazy demand,” – shares the experience of the company’s marketing director, Kate Hewitt.
image copyrightCourtesy of Boy Smells
Photo Caption,
Boy Smells responds to consumers’ desires for personal health and inclusivity
New views on the traditional
This does not mean a complete rejection of traditional gifts – it’s just that consumers want to go beyond heart-shaped chocolates.
The Valentine’s Day perfume market has also changed. Boy Smells, a US-based perfume brand that makes candles and unisex fragrances, says its sales are booming ahead of Valentine’s Day.
Their marketing approach to the holiday is regarding taking care of yourself and your friends, says Matthew Herman, the brand’s co-founder. “It’s more of a bond between close friends and family than between lovers or romantic partners.”
This approach is contrary to the strategy of perfume companies, which rely exclusively on romantic, gender and sexual appeal to promote their products. However, Boy Smells did not make a mistake and took its niche in the multimillion-dollar fragrance market for Valentine’s Day.
At the end of the day, brands have to adapt, because consumer trends are changing, and young people are largely the initiators of these changes.
Valentine’s Day is another example of people channeling their money toward things that align with their values and lifestyles. And if there is money, then Cupid’s arrow will hit the target exactly.
