Young Customers More Enriching for Retailers on Valentine’s Day
New York City, When it comes to Valentine’s Day, young customers are the most enriching for retailers.
Customers over the age of 50 spend an average of $45 on Valentine’s Day, whereas those between the ages of 18 and 34 spend about $145, according to Robert Passikoff, president of Brand Keys, Inc.
Regardless of age, however, Passikoff said, gift giving during Valentine’s Day has become more of a major retail holiday in the past few years.
“The event gets bigger every year,” Passikoff said. “This year we're seeing consumers report higher after-Christmas redemption rates of gifts cards going for purchases for the closest major holiday, Valentine's Day. And this year the average price placed on love is $113.00."