Extending Valentine's Day to singles, groups
"In today's world, many adults are spending the majority of their days as single people, whether they are divorced, widowed, marrying at a later age, or are single by choice," says Liz Crawford, VP Strategy & Insights for MatchShoplab in the US.
Consider how the US has changed in the last 50 years. In 1960, nearly 60% of young adults ages 18-29 were married, compared to only 20% today. Every year has set a new record low for marriages, across all age ranges and industrialised countries.
"Many brands and retailers are still selling Valentine's Day as a romantic, two-person event. They need to catch up with their single consumers in order to cash in on this holiday."
Marketers continue to cling to 14 February, as a day to celebrate romance as more adults are giving it the cold shoulder. Contrary to the old-fashioned idea that being alone on Valentine's Day is a shameful tragedy, most singles are quite content. Based on the results of a 2000-person survey published in Psychology Today, Valentine's Day is not a day of anxiety or loneliness for single people. An overwhelming majority of (adult, single) respondents reported that that they were "not at all concerned with being alone on Valentine's Day." Further, there was no significant difference between the genders on this question either.
Self-gifting
There is an opportunity for self-gifting on Valentine's Day. DeBeers has had success with its 'right hand ring' campaign, which suggested that women show their independent empowerment with a big diamond on the right hand. With this kind of selling opportunity, why would a deserving Valentine wait for Mr Right?
According to The National Retail Federation, the dollars spent on 'significant other or spouse' was closely followed by the amount spent on 'miscellaneous', which feels suspiciously like 'Me'. Spending on family, co-workers and pets followed these two.
Jewellery is a classic Valentine's Day gift, so give your female customers an excuse to buy those earrings or tennis bracelet they have been wanting. Many younger professional women are out-earning their male counterparts anyway.
Candy and flowers are indulgent - but so is a spa visit. The spa zone is one area, where a few savvy businesses are already zeroing in on the single Valentine, such as an American spa offering a 'Love Thyself Chocolate Massage', geared for the single Valentine.
A reader of Cosmopolitan posted on the magazine's website, "Since you aren't spending your dough on some dude, might as well spend it on yourself. Give yourself some credit for how amazing you are and treat yourself to something special like a mani/pedi, a new necklace or a blowout at the salon."
Group night - new date night
A promotion last year for Valentine's Day promotion, reported that while couples were eating in the dining room at a Maryland restaurant, its bar served anti-Valentine's specials. Cocktail offerings include a Bitter Betty Martini, made with local vodka, dry vermouth, orange bitters and an orange peel. While this is meant to be ironic and funny, (and typical of many other establishments), Crawford believes that a more upbeat, celebratory approach to the holiday would draw a bigger crowd.
Moreover, 'crowd' is the operative word. Millennials have rewritten the rules of dating. One-on-one dating is still done, but not nearly as often. Group dating and hanging out in groups is much more commonplace. Even Cosmopolitan magazine suggests that single women invite groups to get together for laughs on Valentine's Day.
Thought starters for retailers
Go with the crowd. Valentine's Day is one of the busiest days of the year for restaurants. Make everyone feel at home by offering promotions for groups and restaurant-hosted parties too. Reminiscent of grade school valentine's cards, retailers could offer small gifts in multiples, to give away during an adult party. These could be flirty, like a gift certificate to the movies, or funny like fuzzy socks, or a personal photo frame. Imagine retailers offering mix-and-match gifts for Valentine's Day, specifically geared for a group party.
Fido fever. Today, there are over 40 million single pet owners in the US and a significant percentage of these people by gifts for their pets for Valentine's Day (US$815 million in 2013). Capture South African animal lovers' with promotions aimed at 'man's best friend' and 'cool cats'.
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