Retailers Adapt to Changing Consumer Habits
- 41% of retailers expect a boost in Valentine’s Day sales
- £787m expected to be spent on Valentine’s Day
- 26% of businesses increasing online stock availability
- 31% expanding online advertising efforts
- One in four firms enhancing ecommerce capabilities
A recent study by Barclaycard Payments reveals that two-fifths of retailers anticipate a surge in sales leading up to Valentine’s Day, with £787 million expected to be spent. This comes despite ongoing Covid-19 restrictions. As a result, 63% of retailers have improved their ecommerce capabilities, and 31% are boosting online advertising efforts while one in four businesses are increasing online stock availability. Kirsty Morris, managing director at Barclaycard Payments, commented on the shift in consumer behavior: ‘Retailers have remained agile during the pandemic, supporting customers with same-day delivery, personal shopping experiences, and expanding product offerings to meet new demands.’ Elizabeth Galton, marketing director at British jeweler Ernest Jones, added that there’s been an increase in branded and fine diamond jewelry sales, a popular choice during this time of year. The company has also utilized store colleagues to guide clients through online purchases.
Factuality Level: 8
Factuality Justification: The article provides relevant information about the expected increase in sales for Valentine’s Day and how retailers are adapting their strategies to cope with the pandemic. It includes statistics from a reliable source (Barclaycard Payments) and quotes from industry experts. The information is accurate and objective, without any clear signs of sensationalism or personal bias.
Noise Level: 3
Noise Justification: The article provides some relevant information about the expected increase in sales and changes in retailers’ strategies due to Covid-19 restrictions, but it lacks a deeper analysis or exploration of long-term trends or consequences. It also does not offer much actionable insights or new knowledge for readers.
Financial Relevance: Yes
Financial Markets Impacted: Retail and ecommerce sectors
Financial Rating Justification: The article discusses the expected increase in sales for Valentine’s Day and how retailers are adapting their strategies, particularly in the ecommerce space, which can impact financial markets through changes in consumer behavior and company performance.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.
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