How Businesses Blossom During Valentine's Week | NDTV Profit
It's not just #romance that flourishes in #Valentine's week.
Here's how businesses have benefited from the high demand for #flowers, #chocolates, and more.
Mallica Mishra explains.
Here's how businesses have benefited from the high demand for #flowers, #chocolates, and more.
Mallica Mishra explains.
Transcript
00:00 Two days to go to supposedly the most romantic day of the year, Valentine's Day.
00:04 With this originally western way of celebration of love penetrating Indian hearts,
00:09 it's not just romance that's flourishing but also the businesses that this week brings.
00:13 The build-up to Valentine's Day on the 14th of February has many celebratory days in between,
00:19 like Rose Day, Chocolate Day and Teddy Day.
00:22 And this helps businesses from these domains eat up huge profits during this week.
00:28 An interesting study by an interactive content platform, dot.vu, found that an average
00:34 Valentine's Day shopping budget is dominated by six sectors at the top of which is the
00:40 jewellery sector taking up 29.2% of the share. At 21.2%, flowers and candy account for the
00:48 second highest share in the budget, followed by a dinner outing at 20.3%, clothing at 13.7%,
00:55 gift certificate at 10.8% and greeting cards at 4.7%. And take a look at these figures.
01:03 A 2023 Asocham report estimates the Indian Valentine's Day market to be worth
01:08 25,000 crores, which is a huge contribution to the economy.
01:12 According to the National Restaurant Association of India,
01:16 Valentine's Day contributes 15 to 20% of their monthly revenue.
01:21 As for startup Talkie, nightlife venues experienced a remarkable surge of over 300%
01:26 in foot traffic during Valentine's week. Industry experts estimate rose sales to
01:33 increase by 300 to 400% during this period. According to a press release by Ferns and
01:39 Pedals, the company anticipates a 25 to 30% sales, with categories like gift hampers poised to see
01:47 a 100% growth. Recently, the Blinket CEO, Albinder Dhinsa, took to his social media to share that
01:54 the company had delivered more roses by 11am that day than it did all day in 2023.
02:00 The post read, "Mad start to the Valentine's week. It's just 11am and we've already sold
02:06 more roses than we did on Rose Day in 2023. And our analysts are telling me that there will be a
02:11 bigger peak in the evening." He also revealed a graph on chocolate bar sales that clearly showed
02:16 a significant rise in demand as compared to 2023. And just to give you a global perspective,
02:22 a report by Statista estimates the global personalized gifts market to be worth
02:27 $34,305 million by 2026. But what does all this say about the Indian consumer?
02:35 Does it hint at a genuine improvement in India's socio-economic landscape?
02:41 Or is it just another additional expenditure taking shape because of the mere effect of
02:46 the Valentine's hype on Gen Z's and millennials? While love takes new shapes and meanings,
02:52 businesses seem to be clearly benefiting. For more such updates, stay tuned to NDTV Profit.