July 25, 2022
You've all been asking: When is the double-digit growth we have been seeing since 2020 going to slow down?
We've been tracking point of sales data with IRI each month and holiday, and consulting with members and comparing consumer and economic trends, I can safely say: The slowdown has begun.
There is no need to panic. Summer has always been a time of softening for floral sales. It's not surprising to see that with all of the economic headwinds, we're seeing the slowdown now. What this means is that the ball is back in our court and what we do now can help us achieve strong growth through the fall months.
The big thing to focus on now is how as an industry we are working with our partners to stay in front of the consumer. Have a conversation with your partners about what your strategy is around merchandising. Many of us have been connecting with consumers around the joys of floral, health benefits of floral, and floral as an affordable luxury. These messages have been resonating with consumers and will continue to be relevant as consumers are spending differently with the continuing inflation challenges.
Continue to work with your teams to provide unique products and positive experiences. Preserving shelf life will continue to be a hot topic, but should be shared with more than just your partners. Consumers are more and more thoughtful about how they are spending their money, but that's not to say they don't still want to indulge. Messaging about long shelf life of floral helps consumers understand floral as an affordable and sustained luxury: one that will certainly outlast a sweet treat or even a visit to the movies.
There's a lot we can't control, and we understand that times have changed drastically over the past several years. The period of double-digit growth fell in our lap, but we have some of the best products in the world and there is much we can do to keep our consumers appreciating and purchasing our products.
And you're not alone! Here are some of the things we've been doing to keep floral growing:
- Sharing our story with anyone who will listen: At the beginning of the month I did an interview with CNN about supermarket flowers. According to our media monitoring, based off of where this story has been shared and reposted, it has potentially reached more than 250 million people. The story was unveiling our secret on why grocery stores sell floral. We know that flowers are not just beautiful but an experience for all of our senses, which gets buyers in the mood to shop. A good takeaway is that what seems obvious to us – like our messaging around the benefits of floral – may not be as obvious as we think. Punch it up!
- Data: We continue to release the data we believe is necessary for you all to prepare and plan for the future of your business. In partnership with IRI, we release point-of-sale data every month as well as holiday deep dives.
- Recognition: It may feel like we're tooting our own horn here, and we are, but recognizing great work is a seriously important way to share resources and scale great ideas. Nominate someone (or yourself) now for Floral Marketer of the Year.