Money Valentine’s Day sales predicted to rake in $1.09 billion this year

12:30  13 february  2018
12:30  13 february  2018 Source:   smartcompany.com.au

Wesfarmers writes down Target by $300 million

  Wesfarmers writes down Target by $300 million Wesframers has written down the value its discount retail chain Target by $306 million after lower than expected sales for the first-half of the 2018 financial year. The impairment will be applied against the brand name ($238 million), remaining goodwill of $47 million and property and equipment ($21 million).“The impairment of Target reflects difficult trading conditions in an increasingly competitive market,” says Wesfarmers Managing Director Rob Scott.“Target’s earnings have stabilised and the business will continue to leverage the Department Stores structure to support its future performance.

The Price of Love: Valentine ' s Day sales predicted to rake in $ 1 . 09 billion , with the average Australian tipped to spend .61 on someone special. Jewelry is expected to be the most lucrative source of Valentine ’ s Day spending this year , with an estimated .7 billion in sales .

“ Valentine ’ s Day has become a holiday consumers take advantage of not only to spoil their loved ones but themselves,” Prosper Executive Vice President of Strategy Phil Rist said. “Shoppers should look out for deals on everything from candy to date-night dinner packages in the coming days

Video provided by Nine News

Australian consumers are tipped to shell out an average of $43.61 on someone special this Valentine’s Day, with travel and accommodation spending expected to top the list for the romantic occasion.

An IBISworld forecast predicts Australians will spend $1.09 billion on February 14 this year, with more than half of the sales boost, or $621.3 million, expected to come from couples looking to get away for the holiday by spending cash on travel and accommodation.

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Valentine ' s Day , also called Saint Valentine ' s Day or the Feast of Saint Valentine , is celebrated annually on February 14. Originating as a Western Christian feast day honoring one or two early

Record Valentine ' s Day retail spending is expected this year , according to a report from the National Retail Federation. Valentine ’ s Day retail spending is expected to reach a record .9 billion this year , as an improving American economy frees up more funds for people to invest in gifts for their

Australians are tipped to spend approximately $89.7 million on clothing and lingerie for the occasion, while those selling chocolate or confectionery ($132 million) and flowers ($123 million) should also see their takings swell.

IBISWorld estimates $52.7 million will be spent on Valentine’s Day dinners, while shoppers will fork out $53.6 million on jewellery and accessories. A further $19.9 million is expected to spent on greeting cards.

However, IBISworld senior analyst Nathan Cloutman expects Valentine’s Day spending this year will be lower than 2017 “due to weak discretionary incomes and volatile consumer sentiment, which is causing consumers to scale back on spending”.

Bao Vuong, another analyst at IBISworld tells SmartCompany spending on flowers and dining has dropped per capita in comparison to previous years due to this sentiment.

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Citigroup Inc. has predicted transactions will rise by more than 30 percent to 158 billion yuan this year . 11 emerged as a counter-cultural antidote to the sentimentality of Valentine ’ s Day . Staff pose in front of a screen showing sales of over 168 billion yuan at the end of the Singles Day festival.

These days , Valentine ’ s Day isn’t just for couples; people also show their appreciation in the form of gifts for family members (59.4 percent), friends (21.7 UK Consumer Spending. Brits are predicted to spend a healthly £ 1 .9 billion on Valentine ’ s Day this year , up from £ 1 .3 billion last year , with the

Valentine's Day © Provided by Private Media Operations Pty Ltd. Valentine's Day “Instead of going to fine dining, [consumers] will more likely go to mid-tier trendy establishments that cost less,” Vuong says.

“Flowers sales are estimated to have declined this year due to the low-discount, mass market products available.”

When preparing the estimates, Vuong says the researchers only took into consideration the more traditional gifts offered at Valentine’s Day. The estimates, therefore, do not include more modern versions of romance such as a Netflix subscription or take away pizza if couples plan to spend a night in.

Not all love letters have good intentions

With plenty of cash changing hands in the lead up to the romantic day, consumers and business owners alike have been warned about not getting swept up in sales and urged to take caution when checking their emails for exclusive Valentine’s Day offers.

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The history of Valentine ’ s Day –and the story of its patron saint–is shrouded in mystery. Today, according to the Greeting Card Association, an estimated 1 billion Valentine ’ s Day cards are sent each year , making Valentine ’ s Day the second largest card-sending holiday of the year .

Valentine ’ s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year . “ This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking

Valentine’s Day can be prime time for scammers, says the Australian Competition and Consumer Commission, which received 3700 reports of romance scams in 2017, totalling $20.7 million.

In 2017, there was a 30% increase in reported losses from social media scams compared to the previous year, with a combined $9.7 million reported to the ACCC’s Scamwatch.

In a statement, ACCC deputy chair Delia Rickard said social media has now surpassed online dating websites as the most common channel scammers use to contact potential victims.

“If you’re going on social media, a dating site or app to find a potential Mr or Ms Right, it’s important to keep your guard up to a scammer’s advances,” she said.

Coles supermarket sales slow, adding to Wesfarmers' Bunnings UK woes .
Earnings at the country's second biggest supermarket chain fell 14 per cent.Coles' sales growth has again slowed and its earnings have gone backwards, compounding woes for parent company Wesfarmers, which has seen its half-year profit plunge 86 per cent after its disastrous hardware expansion into the northern hemisphere.

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