What should I sell as a small business owner on Mother's Day?
Data speaks TRUTH. Let's take a look at the three customer purchase behaviors on Mother's Day gifts you should know about: what they buy, what they consider, and how much they plan to spend! (Source: Statista)
1.
Top 5 on the list (share of respondents - multi-selection):â â
đ¨Greeting Cards (74%)â â
đˇFlowers (64%)â â
đłGift Cards (49%)â â
đSpecial Outing (46%)â â
đ§ŁClothing / Accessories (39%)â
2.
People value gifts that are (share of respondents - single selection):â â
đUnique or Different (43%)â â
đCreates Special Memory (41%)â â
đđťââď¸Convenient for Me (25%)â â
đ°Most Cost-Effective (17%)â â
3.
The average planned spending on Mother's Day has been increasing over the decade at a CAGR of ~5%, reaching $205 in 2020!
Finance Term of the Day: CAGR (Compound Annual Growth Rate)
Definition (Source: Investopedia)â â "CAGR shows the rate of return of an investment over a certain period of time, expressed in annual percentage terms.â The easiest way to think of CAGR is to recognize that over a number of years, the value of something may change, but often at an uneven rate.â The CAGR provides the ONE RATE that defines the return for the entire measurement period.â "â Formula: CAGR=(Ending Balance/Beginning Balance)^(1/Number of Years)-1 Or in Excel, just use =RRI(Number of Years,Beginning Balance,Ending Balance) So think about it... What CAGR do you want your business to achieve in 5 years?â Want to learn more about data insights, financial terms, excel tricks, or want to have beautiful charts like this in your pitch decks? Book a free consultation today!
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