The National Retail Federation’s (NRF) 2012 Valentine’s Day Consumer Intentions and Actions survey estimates that the average consumer will spend 8.5 percent more than they did last year for the holiday. It’s estimated that individuals will spend approximately $126.03 on a variety of products for their sweethearts.
“Anticipating high foot traffic in the coming weeks, retailers have replenished their inventories and will entice eager shoppers with great deals on everything from special menu items at restaurants to clothing to flowers and, of course, chocolates,” said NRF president and CEO Matthew Shay.
The study also revealed that more than half of consumers will make their purchases online using a mobile device, such as a smartphone or tablet. Over 40 percent of shoppers will turn to smartphones to redeem coupons, compare prices, and research information about products and retailers before using online credit card processing services. An even greater number of those with tablets plan to do the same – 53.8 percents reported that they will use the device to pay for gifts.
Retailers can prepare for what could be the largest Valentine’s Day sales in 10 years by updating their virtual credit card terminal to make sure they are offering customers the most convenient and secure method of payment.Back To Blog