Valentine’s Day is coming up fast, which means one thing: Hundreds of antsy couples are lined up in jewelry and department stores agonizing over what to get their loved ones. Valentine’s Day can be a deal breaker after all. Get the right thing and you can win her heart; the wrong thing, and you’re out in the cold.
Using the Indix Product API, we dug past the emotions that swirl around Valentine’s Day, and into the raw data behind the products that we buy, to get a better sense for how and where people spend their money. It’s big business at the end of the day. Last year, the National Retail Federation projected that Americans would spend $19 million on Valentine’s Day.
To narrow our focus, we honed in on pendants within fine and fashion jewelry, specifically those shaped like hearts. Cue “awww” reaction here. The average amount spent on jewelry in general is approximately $150. With this in mind, we looked at products within a minimum sale price in the range from $50 to $300. What we found was that among the major retailers, there are a whopping 5,000+ heart-shaped pendants priced at the affordable price point between $50 and $100.
The online marketplaces carrying the largest assortment of this type of Valentine’s Day jewelry are Amazon.com, Sears.com, Global Rakuten and Newegg. However, while Amazon.com had by far the highest product count, it was also relatively expensive, as compared to Sears. Nearly 37 percent of the same products sold at both Amazon and Sears were significantly more expensive at Amazon. Etsy products were eliminated from this analysis for the purpose of getting a more consistent data set.
To no one’s surprise, our research showed that pendants made of platinum, diamond and gold command the highest prices. In terms of assortment, there are more heart-shaped pendants available in the market right now than other shapes like crosses, stars and keys. But a comparison of minimum sale price reveals that there isn’t much of a difference between heart-shaped pendants and overall jewelry.
In all the charts, minSalePrice refers to Minimum Sale Price.
What all of this tells us is that, if you want a wide array of choice, and are looking for an affordable option, Sears is probably your best bet. Additionally, unlike chocolate, our research shows that there’s really very little difference between jewelry products aimed at swooning Valentine’s Day couples and those marketed at the rest of us. The true differentiator is the store you purchase from, and understandably enough, the materials that the product is made from.
Note: All the statistical and data analysis for this study was done by our Product Data Analyst Weiwei Shang.