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:
- What is consumer behavior?
- Why do businesses and brands study consumer behavior?
- What is market research?
- Why do businesses and brands invest in market research?
- What are the different types of market research?
- What can they learn about consumers from that research?
- Who is the National Retail Federation?
- What does the data from NRF’s market research tell us about what to expect from consumers this Valentine’s Day?
- What types of businesses or brands might benefit from the NRF market research?
- More consumers will give gifts of experience this year than last. What does that mean?
- Who might find that information to be valuable?
- 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.