Valentine’s Day can mean big business for small business, with millions of dollars due to be spent on chocolates, jewellery, flowers and lavish dinners in the lead-up to February 14.
According to market research analyst IBISWorld, Australians spent more than $790 million on Valentine’s Day treats last year, up from $778 million in 2013.
Small Business Development Corporation (SBDC) CEO, David Eaton, says commercial milestones such as Valentine’s Day are a good opportunity for retailers and service providers to customize their products to attract new and repeat customers.
“In recent years, IBISWorld has reported Valentine’s Day spending by Australians at more than $90 million dollars for flowers, $97 million for chocolates and confectionery, around $67 million on clothing and intimate apparel, $34 million on dining out, and a huge $438 million on Valentine’s Day travel,” Mr Eaton said.
SBDC business adviser, Mike O’Donnell says special occasion marketing is not difficult but must be timely as sales promotions are short term activities that encourage the purchase of a product or service over a set period of time.
“Retailers should allow sufficient time for stock to be ordered and delivered, point of sale display material and advertising to be produced and published, and arrangements made for in-store demonstrations, sampling, gift-wrapping, competitions or coupons,” Mr O’Donnell said.
“With Valentine’s Day being celebrated internationally, new and interesting products can be sourced from around the world in the months leading up to February.
“Restaurants and travel destinations need to promote their Valentine’s Day offers well in advance to allow customers to plan ahead.”
Media contact: Di Graham SBDC 6552 3218 / 0432 750 565