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Consumer Behavior: Valentine's Day
Transcript of Consumer Behavior: Valentine's Day
Carlos Olivieri Valentine's Day: Consumer Behavior Historical Context Where did Valentine's Day come from? Saint Valentine
3 different Saints named Valentine
all martyred in the name of love.
Pagan celebration of "Lupercalia"
Bird Mating Season V-Day Consumption Consumers spending reached an estimated $17.6 billion in 2012 Hallmark estimates 144 million V-day cards are exchanged worldwide What?
Where and how?
Distribution: Common Purchases Greeting Cards
Dinners/Experiences Specialty stores (e.g. Hallmark)
E-Commerce Retailer Breakdown Young Children Forming of Tradition Middle School High School Self Actualization Ego Needs Belonginess Safety Physiological Friend Circles Singles vs. Couples Socialization Education of Valentine’s Day Expectation Advances in technology/industrialization
Valentines Day Boom Consumer Culture
Barter/agriculture to cash/consumer
Greeting cards, candy makers, florists
Exchanges b/w teachers,
siblings and Sweethearts. Late teens – mid-thirties Evolution to Modern Day Interpretation One study found that 53% of women said they would dump their boyfriend if they did not receive a gift! Importance of a Valentine's? Such as Wal-Mart and Target account for 37% of the $17.6 billion sales for the day Discount Stores Conclusions Saint Valentine and Disciples Women: Single on Valentine's Consumption Trends:
Power of male shoppers
Young adult segment
Use of hedonic appeals Historical Context cont. Men Male vs. Female Consumption Future Opportunities LGBT community
Asian Americans Date.com reports that 80% of women admitted to sending themselves a bouquet of flowers to their office on Valentine’s Day Men - $168.74
Women - $85.76 Go bar hopping Love, friendship, belonging and acceptance by others Average Actual Consumption social comparison Marketing Manipulation? Commercialized Holiday Exposed to nearly 5000 ads a day Marketers are spending more for advertising Blame marketers or consumers? Maslow's Hierarchy of Needs Metaphysical - Help explain the origins of your existence.
Cosmological - Emphasize that all components of the universe are part of a single picture.
Sociological - Maintain social order: Authorize a social code for members of a culture to follow.
Psychological- Provide models for personal conduct. 4 interrelated functions in a culture What Myths Do Rituals A ritual is a set of multiple, symbolic behaviors that occurs in a fixed sequence and is repeated periodically.
Most holidays commemorate a cultural myth, often with a historical character as a hero. 5 Classes of
Valentines Day Rituals Only unsatisfied needs motivate consumers
Desire to satisfy social needs arises in early February A study investigated Valentine's Day rituals explored how marketing communications help to shape the holiday.
1. Exchanging gifts and cards
2. Showing affection
3. Going out
4. Preparing and consuming food/drink
5. Special attention to grooming and clothing Instrumental Terminal Diamond
necklace Bouquet of
Flowers Mean-Ends Model of Values Decorative and pleasing to see Mature, established relationship Pretty and attention grabbing Married couples In the National Retail Federation’s survey for 2011, projected spending on jewelry for Valentine’s Day was a whopping 3.5 billion. However, only 17.3% of the U.S. population is likely to buy jewelry for their significant other on Valentine’s Day. In focusing on the married couples, the average age of child bearing is in the late twenties, so many couples in this age group and up are also spending for their children, and starting the entire process over again. These rituals then instate the same psychogenic needs into a whole new generation. Families and their kids Happiness and social recognition Male consumers Romantics Product search Post Purchase Feedback Product differentiation Purchase Identify needs:
Hedonic Cynics Genuine desire to make significant others feel special
Goal driven consumption process Fulfilling social expectations
Going through the motions
Approach avoidance conflict Questions? Engaging in a search for a good to achieve a desired end state Associate products & services with specific traits, ideals, and imagery. Selection of product which will
most effectively bridge current
state to desired end state Determines whether or not needs were satisfied Approach-Avoidance Conflict Rejection of
commercial holiday Argument w/ significant other Celebration of
commercial holiday Avoid conflict