Love is in the air, and in the business as well.
Love struck Indians would be spending Rs 18,000 crore this Valentine’s Season which started from February 7th and will end today on February 14th. In between, days like Rose Day, Chocolate Day, Teddy Day, Hug Day, Proposal Day and so on exists, which fuel even higher spending, all on the name of love!
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has just released these data on the eve of Valentine’s Day to highlight the economic surge and dynamics infused by this festival of love. And corporate India is happier than ever.
Gift articles such as flowers, jewellery, chocolates, toys, readymade garments, mobile phones, electronic gadgets, wrist watches are the highest selling items this valentine season in India.
ASSOCHAM surveyed 500 corporates and ecommerce companies, which are selling products such as gift products, jewelers, chocolates, toys, readymade garments, travel houses, airlines, mobile & telecom and electronic goods, and found out that spending on these items this year has increased 25%, compared to last year when total spending was Rs 15,000 crore during this season.
The primary customers of “Love” are IT and ITes employees, retail, hospitality industry, big corporates and also students of various colleges, schools and institutions. Big time advertisements by various brands engaged in this niche has also added as a fuel to the sentiments and 2014 has been one of the most successful years for this industry.
As part of the survey, ASSOCHAM asked 2500 young executives working and non-working in major metros various companies especially from the services sector, 250 educational institutions and 1500 students about their spending plans this Valentine season. As per the results, employees from IT and ITes companies, along with those from retail and big corporate are planning spend anything from Rs 1000 to Rs 50,000 this Valentine’s Season, whereas students from colleges and institutions are willing to spend anything from Rs 500 to Rs 10,000.
75% of those surveyed admitted that they will spend anything from Rs 500 to Rs 10,000 on themselves for the day. Personal grooming and luxury brands have become very crucial for Valentine’s season as men and women want to look good and appear good on this day.
In fact, 25% of all sales will come from luxury brand itself with flowers, platinum/gold jewellery and branded apparels becoming the largest selling items this season.
Travel companies are also cashing in the rush, as they are selling special holiday packages for hill stations and beaches to large corporate houses, targeted for love struck couples this Valentines, which makes perfect sense as well. Some of the top destinations where these special packages are being offered are : Kerala, Goa, Nainital, Mount Abu, Dehradun, Missouri, Kasuali, Shimla, Panchvati.
Some of the other results of this survey:
- 65% of men and women will go out for dinner
- 38% will buy chocolates
- 37% will give flowers
- 7% plan to gift electronic gadgets
- Married couples will spend Rs 20,000 to Rs 1,50,000 per head
- Residents of Gurgaon, Noida, Delhi, Mumbai, Bangalore, Ahmadabad, Hyderabad, Pune, Goa will contribute 75%+ to the overall Valentine’s Day shopping
- 65% of all men are likely to purchase gifts for their beloved, while 35% of all women will purchase gifts for their partners.
You can find the full report here.
Regardless of your plan to buy gifts for your beloved, we at Trak.in wish you a very Happy Valentine’s day.. With or without gift, love conquers all!
Boy o boy.. indians are rich