Friendship and personal well-being are becoming more important as younger American consumers decide to start prioritising and putting themselves first this Valentine’s Day.
However, Valentine’s Day classics still include jewellery, flowers, and chocolate, according to BBC.
This year, US consumers alone are expected to spend an estimated $26 billion (£20.6 billion) on Valentine’s Day purchases. But there are now more options available to them as many businesses and shops have started to offer wellness and self-care items in place of gifts for spouses.
A growing number of firms are adapting their assortments and marketing strategies to these shifting customer trends rather than investing more in tried-and-true products.
Additionally, businesses are joining the market that may not have fit into the discussion of holiday gifting in the past. These companies are all completely focused on presenting choices to a new consumer group that desires to indulge in “Galentine’s” and self-care products. and shake off the mushy Valentine’s Day of yore.
“We are seeing some of the mainstream corporate companies starting to embrace a wider descriptor of what Valentine’s Day actually means,” says Joanna Feeley, founder and CEO at UK-based trend-forecasting agency “Trend Bible”. “Valentine’s almost needs a rebrand, but it’s not dead”.
Consumer sentiments may be changing in part because of the unstable political, economic, and environmental conditions around the world but many people are self-prioritising and gravitating towards “I deserve it” purchases because they are experiencing an overwhelming sense of existential dread, according to Faye Landes, a consumer and retail analyst with the US-based firm “Landes Advisors”.