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:   Smart Company

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.

An IBISworld forecast predicts Australians will spend $ 1 . 09 billion on February 14 this year , with more than half of the sales boost, or 1.3 million IBISWorld estimates .7 million will be spent on Valentine ’ s Day dinners, while shoppers will fork out .6 million on jewellery and accessories.

This Valentine ’ s Day , Americans will spend .6 billion , including $ 1 .9 billion on flowers, .4 billion on jewelry, and 5 million on presents for their pets. Today, more than four-fifths of the 1 billion valentine cards given out every year are exchanged within classrooms.

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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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The survey predicts that although UK sales on Valentine ' s gifts and cards are set to achieve the £ 1 bn mark this year , growth is expected to slow on 2017 figures at 0.7%, as shopping Consumers plan to spend .6 billion on gifts this Valentine ' s Day , with jewelry topping the list at .7 billion .

Last year Americans spent 6 on Valentines day per person roughly billion in total, 1 /5 of which was spent online. Here are some interesting Valentine ’ s Day statistics to consider for 2014 sales . Valentine ’ s is predicted to generate .3 billion in revenue.

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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Valentine ’ s Day consumers enjoying an evening out are expected to spend an average of this year . 8. Bloomin’ Brands Inc. Product: high-end and upscale restaurants 12 month sales : .95 billion 1 - year stock performance: 38.0 percent Market cap.

That means it expects to grow by about 20% next year , it said. The sales forecast is about on par with what analysts expected for 2019, according to Yahoo finance, which had analysts on average predicting .46 billion . The odd thing about the announcement is that revenue predictions are

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 National Retail Association predicts Australians will spend up to .8 billion at Boxing Day sales — nearly 5 per cent up from last year .

Total U.S. spending on Valentine ' s Day is predicted to reach .2 billion this year , down 7.6% from .7 billion in 2016. The average consumer is expected to spend 6.57 on holiday merchandise and services, down 96 cents from 2016.

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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