Floral market researcher Prince & Prince, Inc. (P&P) is predicting that U.S. consumers will spend $3.3 billion on floral products for Valentine’s Day 2016, up 3.1 percent from the firm’s projected $3.2 billion spending in 2015.
The $3.3 billion figure includes all fresh floral products as well as any associated delivery/handling services, P&P explains in a report announcing the spending projection.
P&P projects that slightly more than 44 million U.S. households will purchase cut flowers (largely roses) and/or potted flowering plants for Valentine’s Day. Further, each purchasing household, on average, will spend about $74.
The report expects 50.0 percent of U.S. floral-buying households to make floral purchases for Valentine’s Day, down 3.8 percent from the 2015 projection of 52.0 percent. That percentage has fallen slightly yet continuously over the past two decades, a phenomenon that P&P has called a “wake-up call for the industry.”
“Although the household purchasing incidence for this holiday is quite high, it has been trending slightly lower with each periodic P&P survey over the past 20 years, except when Valentine’s Day holiday falls on a weekend,” expresses Tom Prince, president of Prince & Prince, Inc.
“When the holiday falls on a weekend (as in 2016), the P&P historical data reveals that a slightly higher percentage of households purchase floral for Valentine’s Day, higher than the predicted trend, but at a somewhat lower average purchase value,” Tom continues.
This suggests that supermarkets and other floral mass-marketers are likely expanding the Valentine’s Day floral market to new buyers when the holiday falls on a weekend, he explains.
Younger-aged households (under age 35) and households with teenagers lead the floral-purchasing trends for Valentine’s Day, P&P’s research reveals.
Source: Prince & Prince, Inc. (P&P)