Valentine’s Day is fast turning out to be a multi-billion dollar business in India.
While millions of lovers across India, and the globe, would be busy sharing flowers/roses, chocolates, gadgets and several other gifts with their valentines, guess who would be actually laughing all the way to the banks: no points for guessing the people in the businesses of selling these gift items.
According to a latest study by India’s leading industry body, the Associated Chambers of Commerce and Industry of India (Assocham), the Valentine's Week, this year alone, has been estimated to be a staggering Rs.12,000-crore ($2.6 billion) business!
The Assocham’s study, under the aegis of Social Development Foundation, was conducted in 10 major cities of India involving 1200 respondents which included professionals and college- and school-going students in schools and colleges from December 2010 to January 2011. The respondents said they’re willing to spend anywhere between Rs.5,000 and Rs.1,50,000 for Valentine's Day celebrations, depending upon their individual capacity to spend, an IANS news said citing the said report.
The study estimates the spending on this year’s Valentine's Week to grow by 120 percent over the previous year. "Owing to the improved economic situation this year and increased spending power of individuals, youths and eligible bachelors are gung-ho about breaking all previous records as they are likely to spend almost over 120 percent as compared to the previous year," the news agency quoted D.S Rawat, Secretary General, Assocham, as saying.
According to Youhan Aria, Head of Corporate Communications, Archies Limited, a leading player in India’s greetings cards market, “We have 171 new greeting cards designs exclusively for Valentine's Day and the price range is between Rs.50 and Rs.699.” “Moreover, we have introduced about 220 special gifts like jewel boxes, heart-shaped soft toys, photo frames, mugs, quotation books, bags, vases, scented candles, metal candle-holders and crystal pieces,” he said in an interview.
This annual celebration of love is a week-long affair beginning with Rose Day on February 7, followed by Proposal Day on February 8, Chocolate Day on February 9, Teddy Day on February 10, Promise Day on February 11, Kiss Day on February 12, Hug Day on February 13, and finally the Valentine's Day on February 14.
Amy, Chief Editor
You can contact the author at businessbanter@gmail.com
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