A new quarterly index developed by eBillme and conducted by Javelin Strategy & Research finds that 19% of shoppers will spend more on Valentine's Day this year, a seven percent increase from 2010. According to the Q1 Index, consumers plan to spend an average of $259 online over the next 90 days, a 10% increase over Q1 2010. In addition, nearly a third of consumers will make their purchase online.
The index polled 1,200 consumers to measure projected online spending for the quarter and the influencing factors, according to eBillme. Of the consumers polled, the index revealed, 32% of shoppers will purchase Valentine's Day gifts online, a nine percent increase from 2010.
This quarter, respondents also were asked what they plan to purchase for Valentine's Day:
- 60% plan to purchase something other than chocolates or flowers this year.
- 10% plan to purchase a gift card for their Valentine.
- 47% of shoppers remain uncertain about what to purchase for Valentine's Day, representing an opportunity for retailers to win these sales.
Additional facts about Valentine's Day, as reported by the U.S. Census Bureau:
- As of 2008, there were 26,683 jewelry stores throughout the U.S. In February 2010, these stores sold $2.4 billion in merchandise.
- The total value of shipments in 2008 for firms producing chocolate and cocoa products was $12.2 billion. Non-chocolate confectionery product manufacturing, meanwhile, was a $7.1 billion industry.
- Per capita consumption of candy by Americans in 2009 was 24.3 pounds.
"There will be a lot of retail love this Valentine's season," said Marwan Forzley, president and CEO of eBillme. "Retailers are coming off one of the best holiday shopping seasons in several years, and it looks like the spending will continue for another quarter. Our index paints a very optimistic picture for the e‑commerce sector with increases in shoppers and sales projected for the quarter."[Source: Online Spending Index. eBillme/Javelin Strategy & Research. 19 Jan. 2011. Web. 20 Jan. 2011; Facts for Features/Valentine's Day 2011. U.S. Census Bureau. 14 Dec. 2010. Web. 20 Jan. 2011.]