The Business of Love: 5 Stunning Facts On Valentines Day Spending Habits Of India
Valentines Day has now grown into one of the biggest shopping days, pan-India
February 14th, the day when love conquers everything else. A tradition which started as a Western Christian feast day, honoring a saint called Valentinus, the day has now evolved into a major business event, all across the world.
And India has not been left behind in celebrating Valentines Day.
Here are 5 stunning facts, concerning the business aspects of Valentines Day in India, which tells us how Indians are spending money, and how it is impacting the overall business sentiments:
Total Spending On Valentines Day
It is being expected that more than Rs 30,000 crore will be spent by Indians, on the occasion of Valentines Day.
These spendings happen over the period of one week, leading to Valentines Day.
Rural Indians Spend More On Valentines Day
While corporate employees and older generation (30 years +) spend anything between Rs 1000 to Rs 50,000 on Valentines Day, the younger generation (18 years to 30 years) are expected to spend between Rs 500 to Rs 10,000.
In 2015, it was seen that rural Indians are more prone to spending money on this occasion of love, rather than urban Indians. In 2015, rural Indians spending increased by 22% on Valentines Day, compared to 20% increase for urban Indians.
Online mode of shopping is more preferred, compared to offline shopping (2015 numbers)
Rs 30 Crore Worth Of Roses Will Be Exported From India
This year, on the occasion of Valentines’ Day, Indian farmers will export roses worth Rs 30 crore to countries like UAE, UK, Thailand, China and more.
Last year, this number was Rs 24 crore, as the main countries where export happened was UK, Malaysia, Australia, New Zealand and Singapore.
This year, Govt. resumed subsidy scheme on flowers under National Horticulture Mission, which will prove beneficial for the farmers.
Women Will Dominate The Spending Choices
Ok, so it’s no secret here. But still, a fascinating finding indeed. As per research by CashKaro, in the age bracket of 25-35 years, women will spend 35% more, compared to men. 29% of all women will spend in the range of Rs 5000 to Rs 10,000 on this single day.
And, if you are a guy trying to figure out what women want on Valentines’ Day, then here is your answer: Compared to chocolates, stuffed toys and flowers, women prefer utility gifting options, clothes and electronics gadgets.
Candle Light Dinners Are Passé
No, Candle Light dinners with roses and wine have become an old-fashioned way to express your love.
The newest trend among Indians is adventure sports and offbeat holiday destination.
Instead of candlelight dinners and spas, couples are now choosing destinations such as Dharmshala, Manali, Kerala, Goa, Dalhousie and Udaipur for a short vacation or adventure sports like quad-biking, snorkelling, sailing trips, bungee jumping, zip lining/zorbing, kite boarding/wind surfing, sea-plane tours, scenic self-drives.
As per Thomas Cook data, solo-travellers have also increased, as they prefer locations like Singapore, Malaysia, Indonesia, Dubai-Abu Dhabi, Japan, Korea, Thailand, Sri Lanka, Bhutan, Shillong on the eve of Valentines Day.
On the other hand, leading travel portal Expedia reports that the trend of taking short vacations during Valentines Day has increased, especially among Gen X and millennials. As per Expedia® Generational Study, 74% Gen Z, 81% Millennials, 78% Gen X and 80% Baby Boomers want to travel in order to spend some quality time with their loved ones.
Manmeet Ahluwalia, Marketing Head, Expedia in India said, “We have seen a 25% surge in booking for Goa, Jaipur, Kerala, Shimla, Gokarna, Andamans and Pondicherry. Internationally, peopled are looking at travelling to Dubai, Bali, Vietnam, Sri Lanka and Thailand. Expedia is also offering hotels at INR 621/ night in Pattaya under its Destination of the Week offers. Additionally, Expedia’s recently launched product allows travellers to qualify for hotel discounts up to 44% off anytime till the departure date, post booking a flight or package on Expedia.co.in.”
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