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Valentine’s Day has long been associated with the exchange of thoughtful gifts, and there are few signs of affection more symbolic than a bouquet of flowers.
However, the impact of inflation on consumer purchasing power has caused many to reevaluate the importance of these traditional behaviors. This has led brands and retailers to emphasize the value they bring to customers, both essential and non-essential, in order to get consumers to spend their money.
read more: Retailers leverage value cards to capture consumer spending
The flower industry is no exception, with some companies marketing their products as a type of investment.
“Our flowers aren’t just a purchase; they’re an investment in long-lasting luxury,” Seema Bansal Chadha, co-founder of Venus et Fleur, said in an interview with PYMNTS.
Venus et Fleur flower prices start at $44 and reach up to $2,200.
Venus et Fleur is known for offering premium roses that are said to last at least a year. Its appeal lies not only in the enduring nature of flowers, but also in the recognition that such an investment is a more sustainable and valuable expression of love.
But with many consumers holding back on spending due to inflation, the company is putting product quality, innovation and an enhanced floral experience at the forefront, marketing its products as longevity investments. We decided to emphasize our value.
Current consumer sentiment
Recent reports suggest that consumers have a positive view of the economy and inflation trends.
According to a University of Michigan survey, the Consumer Sentiment Index in January was 78.8, up 13% from December and 21% from the same period last year. Regarding inflation expectations, the outlook for next year was 2.9% in January, down from 3.1% in December and significantly lower than the 3.9% recorded last year.
Inflation expectations for the next five years were adjusted to 2.8%, down from 2.9% in December and 3.2% in November. Consumer views are now supported by confidence in a turnaround in inflation trends and stronger income expectations, despite previous estimates predicting a return to pre-pandemic inflation levels around the second half of 2024. .
Joan Hsu, director of consumer research, said sentiment is nearly 60% above the all-time low set in June 2022, likely providing positive momentum for the economy.
Given the current positive consumer sentiment, Venus et Fleur expects favorable results, especially regarding the widely recognized Hat Box.
How Venus et Fleur carved out a floral space
Seema Bansal Chadha and Sunny Chadha, founders of luxury flower brand Venus et Fleur, started dating in 2015, just before Valentine’s Day.
On this occasion, Chadha ordered a bouquet to be delivered to Bansal Chadha. According to Bansal Chadha, this decision played an important role in forming their long-term personal and business relationship.
It wasn’t the charm of flowers that influenced their journey. In fact, the bouquet that was delivered was quite different from the one Chadha had originally chosen.
This dissatisfaction led the two to create preserved real flowers that remain beautiful for more than a year, and to found Venus et Fleurs within six months of dating.
Today, Mr. Bansal Chadha highlighted how his company Eternity Flowers differentiates Venus et Fleur from its competitors, which offer arrangements with a flower lifespan of one week.
The brand’s flowers are completely authentic and are grown in various countries around the world, but undergo a unique process when arriving in the United States. The natural color is removed with a non-toxic solution and then treated with non-allergenic waxes and natural oils. This process essentially dehydrates the flowers, allowing them to last a full year without the need for water and re-dying.
Venus et Fleur plans to open two new stores, introduce several collections, and collaborate with brand partners.
How Venus et Fleur makes luxury flowers accessible
While the price of these flowers may be high for many, with Eternity Flowers priced at $44 each, the company has considered different payment options to increase affordability. Venus et Fleur leverages platforms like Shop Pay, PayPal, Affirm, and, as PYMNTS reported, buy now, pay later (BNPL), a payment method resilient consumers are adopting. approach is utilized.
In a recent report on Synchrony Financials’ fourth-quarter earnings, the company said the Pay Later option offered at checkout is gaining traction.
The company observed a 20% increase in the number of new accounts for Synchrony Financial’s partners, which offer Pay Later solutions, and 95% of Pay Later sales came from customers who were completely new to the network.
“We don’t see a change in consumers actually wanting to spend money,” Synchrony Financial CFO Brian Wenzel said on a call with analysts. “We’re seeing a slight increase in trading frequency, which means they’re trying to use their funds more efficiently, but they’re not really pulling back.”
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