Consumers Plan to Increase Valentine’s Day Spending to Nearly $26 Billion

Consumers are expected to spend $25.9 billion on Valentine’s Day this year, up from $23.9 billion in 2022 and one of the highest spending years on record, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.

Click here to read the story at nrf.com.

Discussion Questions:

1. What is consumer behavior?
2. Why do businesses and brands study consumer behavior?
3. What is market research?
4. Why do businesses and brands invest in market research?
5. What are the different types of market research?
6. What can they learn about consumers from that research?
7. Who is the National Retail Federation?
8. What does the data from NRF’s market research tell us about what to expect from consumers this Valentine’s Day?
9. What types of businesses or brands might benefit from the NRF market research?
10. More consumers will give gifts of experience this year than last. What does that mean?
11. Who might find that information to be valuable?
12. If you were a marketing professional working for your favorite brand, how would you use the information from NRF to create a Valentine’s themed promotion? Be prepared to share your ideas in class.