Valentine's Day is a festival that helps enliven business early in the year. This year, without political disarray spoiling the atmosphere, consumers will likely be more involved in the celebration. Given that this year's Valentine's Day will fall on Saturday, most students and working people usually have a day off, giving all the more reason to celebrate. Thus, it is likely that more people will plan special activities than last year.
KResearch expect that Bangkok residents will be spending at least THB1.5 billion during the 2015 Valentine's Day, expanding 7.2 percent YoY. Young people aged between 15-24 will spend around THB1,200 per person to buy gifts and attend activities with their loved ones; those within the age of 25-39 years, will spend as much as THB2,300 each, since they have higher purchasing power.
We have found that red roses – which didn't sell very well last year – will be a hit again, followed by chocolates, fashion merchandise (apparel, bags, and shoes) and jewelry. Dining out is still the most popular activity for Valentine's Day, other than going to a movie, musical events and shopping. With our entrance into a ‘digital society', proliferation of smartphones and greater internet access will make online platforms, including WhatsApp and LINE, the most used tools for Bangkok residents to send their loved ones Valentine's messages, reasoning that they are regular social media users.
Valentine's Day presents opportunities to many businesses, e.g., department stores, restaurants, florists and even rose farms, hoping to capitalize on this festival to boost sales, especially via targeted customers, such as students and working people. For this reason, consumer behavior studies and precise marketing plans will be needed by businesses seeking to gain larger market shares during this celebration.
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