This Valentine’s Day, the average American will spend $186 on their loved ones. As for the entire country, a staggering $25.8 billion will be spent in total.
With many products being purchased with women in mind it’s important to remember the price disparity that has been proven to exist between men and women, known as the ‘Pink Tax’.
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It’s the concept that similar products existing for both genders, such as soaps, lotions, and razors will be slightly more expensive when marketed towards women.Many men may be in for a surprise when they make purchases for the special women in their life.
I talked with Dawn Allcot about some of these price discrepancies; click here to read her article about the subject.
“It’s not something I necessarily think about day to day, and I’m a pretty frugal, savvy shopper. So I would say that most women don’t even realize it,” says Allcot, referring to the ‘Pink Tax’. It’s not a sales tax, rather the additional sum comes from either import tariffs or corporations making decisions based off through market analysis.“
"Market research has shown women are willing to pay a premium for these products, so they just charge more,” says Allcot.
Many men’s products are not only cheaper, but last longer as well, consumer analysis has shown.
It’s important to remember to cross-shop several products.
Often, women can increase their buying power by purchasing men’s deodorant, unisex clothing, razors, soaps and so much more.
As for Valentine’s Day shopping trends, the holiday is becoming more predatory than ever as the market preys on the consumer’s willingness to impress their loved ones.
Recent data suggests that 20% of Americans will spend outside of their typical budget to complete their Valentine’s Day shopping.
“Valentine’s Day has become like a mini Christmas in that regard. As with any sort of trying to save money, just be aware and comparison shop,” says Allcot.
