Valentine’s Day presents global retail sectors with an opportunity to rake in some serious revenue. Global consumer spending habits change drastically in the run-up to February 14th, just like they do in the time leading up to other holidays when marketing efforts are enhanced by consumer purchasing frenzies.
Worldwide Spending Trends
Worldwide spending for Valentine’s Day is said to be approximately $13.3 billion! The biggest Valentine’s day spenders in the world are Hongkongers with the typical resident showering their lovers in $184 worth of gifts. The Japanese are also big romantics at heart, and big spenders at that. Each year, they spend $500 million on chocolates for their other halves! Great Britain is also a big competitor for Valentine’s Day spending, with Brits said to exchange over 25 million cards on the all-important day. As if that wasn’t enough to make you want to target the British market, the fact that British people spend over a billion pounds, or 1.2 billion US dollars, on charming gifts every year should be! Compare this to the average $147 spent per person in the United States and it is clear that there are significant market opportunities outside of the US.
Localizing Your Brand for Global Growth
With such an increase in spending before, during and after Valentine’s Day, it is safe to say that cupid won’t be the only one with a busy schedule this February. Taking advantage of holiday retail opportunities in other language markets means that you need to attract local consumer attention. In order to boost customer engagement your ecommerce website content such as product descriptions, images, checking-out options, currencies etc., will all need to be localized to attract foreign market buyers. Providing a localized, engaging, relevant, and positive online experience for your users, wherever they may be, is important to increase brand awareness, grow your user base, increase sales and boost profits.