Valentine’s Day has long been associated with the exchange of thoughtful gifts, and few tokens of affection are as iconic as a bouquet of flowers.
The impact of inflation on consumer purchasing power, however, has led many to reassess the significance of these traditional gestures. This led brands and retailers across essential and non-essential product types to emphasize the value they bring to customers, in a bid to get consumers to spend.
Read more: Retailers Play the Value Card to Capture Consumer Spend
The floral industry is no exception, and one firm is pitching its product as an investment of sorts.
“Our flowers are more than a purchase; they are an investment in long-lasting luxury,” Seema Bansal Chadha, co-founder of Venus et Fleur, said in an interview with PYMNTS.
The prices of Venus et Fleur flowers start at $44 and reach up to $2,200.
Venus et Fleur is known for offering luxury roses that reportedly last at least a year. The appeal lies not only in the enduring nature of the flowers but also in the perception that such an investment is a more sustainable and worthwhile expression of love.
But as many consumers rein in spending due to inflation, the company has decided to emphasize its worth by putting product quality, innovation and an improved floral experience at the forefront — marketing its products as an investment with longevity.
Recent reports suggest that consumers hold positive views on the economy and inflation trends.
According to the University of Michigan’s survey, the January consumer sentiment reading is 78.8, reflecting a 13% increase from December and a 21% rise from the same period last year. In terms of inflation expectations, the outlook for the next year decreased to 2.9% in January, down from 3.1% in December, and significantly lower than the 3.9% recorded a year ago.
Looking ahead over the next five years, inflation expectations were adjusted to 2.8%, reflecting a decrease from 2.9% in December and 3.2% in November. Despite previous estimates anticipating a return to pre-pandemic inflation levels around late 2024, consumer views are now supported by confidence in a positive turn in inflation trends and strengthened income expectations.
Surveys of Consumers Director Joanne Hsu notes that sentiment has risen nearly 60% above the all-time low recorded in June 2022, likely providing positive momentum for the economy.
Given the current positive consumer sentiment, Venus et Fleur anticipates favorable results, particularly in relation to its widely recognized hat boxes.
Seema Bansal Chadha and Sunny Chadha, founders of the luxury floral brand Venus et Fleur, began dating in 2015, right before Valentine’s Day.
For the occasion, Chadha ordered a bouquet to be delivered to Bansal Chadha. This decision, according to Bansal Chadha, played a significant role in shaping their long-lasting personal and business relationship.
It wasn’t the appeal of the flowers that influenced their journey. In fact, the delivered bouquet looked quite different from what Chadha had initially chosen.
This dissatisfaction prompted the couple to create preserved real flowers that maintain their beauty for a year or more, leading to the establishment of Venus et Fleur less than six months into their relationship.
Today, Bansal Chadha highlights that the company’s Eternity Flowers distinguish Venus et Fleur from competitors that offer arrangements with a floral lifespan of a week.
While the brand’s flowers are entirely real and cultivated in diverse countries worldwide, they undergo a unique process upon reaching the U.S. A non-toxic solution removes their natural color, after which they are treated with non-allergenic wax and natural oils. This process essentially dehydrates the flowers, enabling them to be re-dyed and endure for a full year without the need for water.
Venus et Fleur is planning to open of two new stores, introduce several collections and collaborate with brand partners.
Although the cost of these flowers might be high for many, with a single Eternity Flower being priced at $44, the company has explored various payment options to enhance affordability. Leveraging platforms like Shop Pay, PayPal and Affirm, Venus et Fleur has tapped into the buy now, pay later (BNPL) approach, a payment method that resilient consumers, as reported by PYMNTS, are adopting.
In a recent report on Synchrony Financials’ fourth-quarter results, the company noted gaining traction in Pay Later options presented at checkout.
The company observed that partners of Synchrony Financial providing Pay Later solutions experienced a 20% increase in new accounts, with 95% of Pay Later sales originating from customers who are entirely new to the network.
“We do not see a shift where the consumer is trying to really stretch dollars. We do see our transaction values down and frequency up a little bit, which means that … they are trying to be efficient with their dollars, but not really pulling back,” said Synchrony Financial CFO Brian Wenzel during a call with analysts.
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