What Valentine’s Day 2023 Product Pricing Means for Brands
Valentine’s Day 2023 product price data shows positive news for brands in the gifting space—consumers are willing to spend a whopping $25.9 billion on items for loved ones this year. Inflation beginning to ease in some categories signals a positive trend for brands whose products tend to be seen as a luxury or special occasion purchase.As consumers continue to feel the strain of inflation on their wallets, many brand leaders may wonder how pricing trends might affect their products’ performance on ecommerce marketplaces. Pattern’s proprietary, best-in-class technology tracks millions of data points every day to help brands measure their performance and improve profitability on ecommerce marketplaces. We pull category- and brand-specific insights and trends to show you where you’re performing well and where you can improve.
Valentine’s Day Product Pricing is Up
Pattern’s data science team analyzed consumer demand on Amazon U.S. during every day of 2021-2023 (year to date) to understand consumer price trends ahead of Valentine’s Day. Common gifted products like candy, conversation hearts, and teddy bears saw a significant rise, but inflation for those same items has eased slightly when looking at Q1 2023 compared to Q1 2022.
YoY Pricing Increases for Valentine’s Day Products in 2023:
- Candy +25%
- Conversation hearts +16%
- Teddy bears +12%
Consumers are Spending Despite Inflation
Usually, rising inflation means consumers spend less overall, and more so for gifting and other nonessential products. As a result, many of these brands see less conversions (or sales) in times of high inflation, signaling lower profitability. Our data shows that some products in the gifting category can stay profitable, even in times of inflation. Why? Because the trends indicate this year is tracking to be the highest spend on record, which is positive news for brands selling gifting products connected to the holiday.
Take Advantage of Data-Driven Insights with Pattern
In order to perform well on marketplaces, it’s essential to have the right information at the right time. Pattern’s technology, data-driven insights, and expertise are designed to layer on top of and amplify all aspects of your existing strategy to improve your profitability across global marketplaces.To find out how we can accelerate your brand, or for more ecommerce marketplace trends and analysis specific to your category, contact us here.