Amid the growing craze to celebrate Valentine Day, the marketing industry has also been set to boost its share in the celebration.
Yes on the occasion of Valentine’s Day (V-Day), market in India at $27 million (Rs.15 billion) has been expected as a survey involving 800 executives in major metros and 1,000 students from 150 educational institutions has shown.
According to the Associated Chambers of Commerce and Industry of India (Assocham), the size of the market was this large since V-Day was not a single-day fete but was celebrated throughout the week.
According to sources, it starts with Rose Day (Feb 7), followed by Proposal Day, Chocolate Day, Teddy Day, Promise Day, Kiss Day, Hug Day and Valentine's Day (Feb 14)
It said men spent more than double the amount than women for V-Day.
Youths working in call centres, IT companies and large corporations plan to spend between $20 (Rs.1,000) and $1,000 (Rs.50,000) on gifts while students plan to spend $10-$200 (Rs.500-Rs.10,000), the survey said.
D.S. Rawat, secretary general of Assocham, said spending during V-Day week will be 20 percent higher than last year, which was about $250 million (Rs.12,000 crore).
Needless to say, the most of the revenue still comes from greeting cards and flowers, chocolates, jewellery, cellphones and other expensive electronic gadgets.
Flower shops are expected to notch up business worth $4,089-4,647 (Rs.220 to Rs.250 million). The wholesale flower industry last year touched $ 3,347 (Rs.180 million) in sales during V-Day, the survey said.
There are various kinds of gifts, which are on high demands in the market to gift each other for the occasion. The most preferred gifts for men are silver cufflinks, silk tie, and calfskin belt, wallet and key chain while women prefer jewellery, gadgets and garments.
(With inputs from IANS)
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