Love Hurts: A Worldpay Study Showed That There’s A New 95% Increase In Post-Valentine’s Day Returns
Valentine’s Day is one of the few holidays that was completely invented by card companies to promote sales, but that doesn’t make it any less popular. Among couples, Valentine’s Day is often seen as a proving ground where couples show whether or not they want to stay together. Thus, major sales always end up popping up during this time of year. However, not is all well in the world of Valentine’s Day sales – at least, according to Worldpay.
The massive finance company had decided to do an in-depth study on tracking Valentine’s Day spending. What they found was that the romance sales may boom initially, but after the 14th, that sizzle turns into a major fizzle. In fact, there’s a pretty sizable portion of the population that returns the gifts meant for loved ones after the big day is over with. What’s more interesting than that alone is the fact that there’s been a 95% increase in the number of returns stores see by the time February 17th rolls around.
If you’re a florist or a chocolatier who’s about to panic, take a deep breath. Though the number may sound very grim, the truth is that most industries don’t have anything to worry about. The study continued to examine the reason why all the returns happened, and it actually only affects one industry. 99% of all of the returns that happen during this spike happen at clothing stores.
Considering that clothing sizes are arbitrary and that couples often have a hard time figuring out what kind of clothing their partners would like, this massive wave of returns is actually very reasonable. Additionally, a decent portion of the returns that are reported after V-Day is over also come with the upside of exchanges having taken place. So, while the returns may sound ominous, there’s really nothing to get upset about.
However, there is a big caveat that clothing e-tailers should know about. Worldpay executive Casey Bullock noted, “In the fashion industry, there is an increasing trend for returning among consumers. Thanks to the ease of internet shopping, people can simply buy a variety of gifts in numerous styles and sizes knowing that they can return what they don’t like. In order to find the perfect gift, we believe partners are buying more than one gift knowing they will return what is less than perfect for their better half.”
The bottom line is that fashion retailers, particularly those of the online sort, might want to prepare themselves for taking in more returns than usual by the weekend. Even so, Valentine’s Day still will remain a holiday that offers gains more than losses all around.