BIZ LOVES TO HEAR IT: Valentine's Day spending about to surge, data shows
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According to new Canadian data from Moneris, all of the usual suspects on Valentine’s Day can expect a boost based on 2023 week-over-week total dollars spent.
Florists saw the biggest boost last year with volumes five times higher (407%), while candy, nut and confection shop sales also more than doubled (130%).
Otherwise, restaurants (80%), jewelry stores (66%), card shops (46%) and bakeries (44%) all saw double-digit growth in dollars spent.
Confectionary stores, card shops and florists all saw an increase in transaction count, but a decrease in average transaction size week over week last year.
Florists saw the most significant increase of 739% for transaction count and a decrease of 40% for average transaction size, while confectionary stores saw an increase of 166% for transaction count and a decrease of 13% for average transaction size.
Card shops saw an increase of 63% for transaction count and a decrease of 11% for average transaction size.
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Jewelry stores and bakeries saw an increase in transaction count, while the average transaction size was unchanged.
Consumers aren’t necessarily spending more on jewelry, but businesses will see more shoppers (65% increase in transaction count) rather than size of purchase.
Restaurants were the only category to see growth in both transaction count (35%) and average transaction size (33%).
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