Young Customers More Enriching for Retailers on Valentine’s Day
New York City, When it comes to Valentine’s Day, young customers are the most enriching for retailers.
Customers over the age of 50 spend an average of $45 on Valentine’s Day, whereas those between the ages of 18 and 34 spend about $145, according to Robert Passikoff, president of Brand Keys, Inc.
Regardless of age, however, Passikoff said, gift giving during Valentine’s Day has become more of a major retail holiday in the past few years.
“The event gets bigger every year,” Passikoff said. “This year we’re seeing consumers report higher after-Christmas redemption rates of gifts cards going for purchases for the closest major holiday, Valentine’s Day. And this year the average price placed on love is $113.00.”
Super Bowl Spending Down
Washington, D.C., The nation’s consumers are expected to spend $5.3 billion on Super Bowl XL, a projection down about 5.4% from the $5.6 billion spent in 2005, according to the National Retail Federation (NRF). The game, featuring the Pittsburgh Steelers and the Seattle Seahawks, is set for this Sunday.
Krugman said that consumers are expected to buy 1.7 million new televisions in time for the big game.
Ralphs Pleads Not Guilty
Los Angeles, Supermarket retailer Ralphs pleaded not guilty Monday to allegedly hiring and paying workers under fake names during a Southern California grocery strike and lockout in the fall of 2003.
Ralphs faces federal charges including Social Security number and identity fraud, money laundering and obstruction of justice. The trial is set for March 28.