Valentine’s spend is over 18 billion dollars in the US.
The highest spend is in jewels, clothes and gift cards. The average spend is around 210 dollars by men.
Women spend around 127 dollars.
Knowledge of consumer patterns is possible by using artificial intelligence, this way brands and marketers get the best insights.
Men spend around 65% more than women when it comes to show their love on Valentine’s day and jewels are their favorite gift to give, according to the analysis of consumer behavior patterns performed by EPICA, the artificial intelligence company for marketing and business.
According to EPICA, jewels are the preferred gift by men during Valentine’s around the globe, even over flowers or romantic dinners. They spend over 210 dollars per gift, and women, a little bit more money savvy, spend around 127 dollars to surprise their significant other.
Next to the jewels, clothing is the other favorite item of men with an average spend of 112,71 dollars. Those who don’t want to splurge too much, but still want to make a gift go for gift cards, spending around 106 dollars.
“With the help of Artificial Intelligence, the analysis of important spots in the customer journey is easier and more effective. This aids retailers and marketers to know the key moments of their users, allowing them to be in the right place and time to sell,” said Diego Páramo Co-founder and VP of Global Sales & Partnerships of EPICA.
On women’s case, their highest spend is in jewelry (127,34 dollars in average), and also on nights out or dinners (71,16 dollars), however, the spend difference between both genders is important: men spend 65% more than women.
Another important insight of the study was that millennials are the ones who celebrate this special day more: 64,3% of people between 25 and 34 celebrate it and spend around 213 dollars that day.
Meanwhile, the X generation (35 to 44 years old), spend around 176 dollars and have a 58% participation in the day. In Latin America, the countries that show more interest for Valentine’s are Chile, México and Argentina.
A golden opportunity for brands
According to Páramo, the ideal moment for brands to seize these consumer moments, starts from the last week of January, “from the moment people finish buying christmas gifts, they start thinking about Valentine’s, that’s why, starting all valentine’s marketing actions by the 3rd week of January is key,” he explained.
“Artificial Intelligence helps brands and companies to improve their marketing investments by taking advantage of important moments in the season like this one. It helps them to be in the right moment, with the proper product and the perfect message to seduce the consumer,” Páramo added.