New Delhi : Notwithstanding the lingering economic slowdown, companies are ready to cash in on Valentine’s Day celebrations and sales of gifts such as flowers, chocolates, toys and gadgets are expected to touch a whopping Rs 18,000 crore during the week, according to a survey.
“The size of the market is large since V-Day is not a single-day fete but celebrated throughout the week. The spending during V-Day week will be 25 per cent higher than last year, which was about Rs 15,000 crore in 2013,” it said. Valentine’s Day is a popular observance around the world and has been increasing in popularity in India of late.
The survey by industry body Assocham covered as many as 500 corporates and online-shopping companies. It revealed that several firms are coming up with attractive offers to target youths, especially well-paid executives working in IT, ITeS, retail and hospitality industry, besides college students.
Besides, personal grooming facilities like spas and beauty parlours will also witness rise in business on account on Valentine’s Day, the survey found.
Around 65 per cent men are likely to purchase gifts for their beloved, while 35 per cent women will purchase gifts for their partners, according to the survey.