Traditional jewellery retailers could be set to profit at the expense of their online counterparts as customers buy last-minute Valentine’s Day jewellery in store due to the occasion falling on a weekend.
Research from Barclaycard suggests that more than a third (36%) of shoppers plan to leave their Valentine’s purchases to February 14, meaning impulse buyers are likely to shop in-store rather than online to buy gifts for their loved ones.
Online retailers that haven’t used this week to capture the attention of buyers could miss out on one of the biggest trading periods of the year as last minute shoppers head to the high street instead.
More than a third (36%) of shoppers have indicated they plan to leave their Valentine’s purchases to February 14, meaning impulse buyers are likely to shop in-store rather than online to buy gifts for their loved ones.
Spending on jewellery jumped 39% on February 14 last year compared to the year before when Valentine’s Day was on a Friday, as gift-buyers took advantage of the weekend to buy jewellery on the day itself. This year Valentine’s Day falls on a Sunday, leaving analysts to predict that the same trend will occur.
“February 14th is a lucrative peak in the year for consumer spending, and with last minute shoppers more likely to pick up presents in-store over the weekend, it is especially important ecommerce retailers focus on driving sales online now,” said Philip McHugh, CEO of Barclaycard Business Solutions at the start of this week.
“Merchants who are successful in providing a seamless shopping experience in the run-up to key commercial dates such as Valentine’s Day are far more likely to drive repeat custom throughout the rest of the year.”