3 Customer Purchase Behavior Insights on Mother's Day Gifts
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)
Top 5 on the list (share of respondents - multi-selection):⠀ 📨Greeting Cards (74%)⠀ 🌷Flowers (64%)⠀ 💳Gift Cards (49%)⠀ 🎉Special Outing (46%)⠀ 🧣Clothing / Accessories (39%)
People value gifts that are (share of respondents - single selection):⠀ 💖Unique or Different (43%)⠀ 💭Creates Special Memory (41%)⠀ 🙋🏻♀️Convenient for Me (25%)⠀ 💰Most Cost-Effective (17%)⠀
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)⠀ "CAGR shows the rate of return of an investment over a certain period of time, expressed in annual percentage terms. 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. The CAGR provides the ONE RATE that defines the return for the entire measurement period."⠀ 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?⠀ 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!