The Marketing Edge

This Valentine's Day, It's All About the Gift of Experience

As love seeks a less material expression, what does it say about how we understand our clients?

LOS ANGELES, Feb. 14, 2020 /PRNewswire/ — SRAX, Inc. (NASDAQ: SRAX), a digital marketing and consumer data management technology company, has released a new BIGresearch study of over 53,000 unique Americans revealing this year’s Valentine’s Day consumer behaviors and opinions.

A BIGtoken study conducted in January 2020 revealed Millennials are the most active generation during Valentine’s Day. Seventy-nine percent of people celebrating this year are between the ages of 18 and 34, with 47% between 25 and 34. In addition, more Millennials responded that they plan to give their significant others a trip, a vacation, a staycation, or tickets to a concert, show, or amusement park. This points to a shift in values for younger generations where they’re now prioritizing experiences and activities over material things.

Generally, the majority of respondents who do plan to celebrate Valentine’s Day said they will give their significant other a gift (4.2K respondents) and/or spend the night somewhere romantic (5.1K respondents). Surprisingly, a large number of users responded that they were planning to attend a wedding for Valentine’s Day (4.8K respondents). Men were also more likely to enjoy a grand romantic gesture (18.6%) than woman (14.9%). Also, when asked if consumers are willing to pay more to dine out on Valentine’s Day, 73% were willing to pay more, understanding that raised prices during the day occur and they are okay with that.

The study was conducted on users of BIGtoken, the first consumer-managed data marketplace where people can own and earn from their data. BIGtoken also provides an excellent platform for conducting highly accurate primary research across a fast-growing, 100% opted-in audience exceeding 16.5 million consumers.

Changing Values

“Changing values and opinions in consumers greatly affect their consumption patterns, and it’s up to marketers to stay ahead of the curve,” said Kristoffer Nelson, COO of SRAX and co-founder of BIGtoken. “We are thrilled to share results from our latest report, highlighting Valentine’s Day, a holiday that’s seen new movements over the past couple decades, like the rise of Galentine’s Day (ladies celebrating ladies), and more people shopping and celebrating anti-valentine’s day.”

SRAX’s Valentine’s Day 2020 Report contains detailed information based on shopping surveys, with results broken out by gender, age, household income, and ethnicity. There is a special breakout for Galentine’s Day, an unofficial holiday whereby ladies celebrate ladies on February 13.

Takeaways from the BIGToken study:

  • Millennials are the most active generation during Valentine’s Day. They are more likely to consume and purchase for the holiday regardless of income, celebrate by planning a trip or going to an amusement park, write love notes and letters, and post on social media.
  • Men are more likely to prefer a grand romantic gesture for Valentine’s Day.
  • The older the user, the less likely they are to go on a date for Valentine’s Day.
  • Spending the night somewhere romantic, such a hotel, Airbnb or bed and breakfast, is the most selected Valentine’s Day activity.
  • Jewelry and an engagement ring are the least selected Valentine’s Day gifts for this year. Experiences more than physical gifts are becoming more common Valentine’s Day gifts.
  • Users 18 to 24 are most likely to use a dating app on Valentine’s Day.
Changing values and opinions in consumers greatly affect their consumption patterns, and it's up to marketers to stay ahead of the curve...

 

The full Valentine’s Day 2020 Report can be downloaded here.

 

 

 

About SRAX
SRAX (NASDAQ: SRAX) is a digital marketing and consumer data management technology company. SRAX’s technology unlocks data to reveal brands’ core consumers and their characteristics across marketing channels. Monetizing its data sets, SRAX is growing multiple recurring revenue streams through its various platforms. Through its BIGtoken platform, SRAX has developed a consumer-managed data marketplace where people can own and earn from their data thereby offering everyone in the Internet ecosystem choice, transparency, and compensation. SRAX’s tools deliver a digital competitive advantage for brands in the CPG, investor relations, luxury, and lifestyle verticals by integrating all aspects of the advertising experience, including verified consumer participation, into one platform. For more information on SRAX, visit www.srax.com.
About BIGtoken
BIGtoken, built by SRAX (NASDAQ: SRAX), is a consumer data management and distribution system. BIG is the first consumer-managed data marketplace where people can own and earn from their data. Through a transparent platform and consumer reward system, BIG offers consumers choice, transparency, and compensation for their data. Participating consumers earn rewards, and developers are able to build pro-consumer online experiences on top of the BIG platform. The system also provides advertisers and media companies access to transparent, verified consumer data to better reach and serve audiences. For more information on BIGtoken, visit www.bigtoken.com.