The love-struck Indian market is expected to be "gung-ho" about Valentines Week spending this year
It's official – Love hurts. No, we’re not talking about post-break up tears and lonely nights; a two month-long study in India has found that it’s really your wallet (not your heart) that takes the biggest hit for love.
Carried out by the Associated Chambers of Commerce and Industry of India (Assocham), the study found that in India alone, Valentines Week, that’s right, week, not day, is a USD 2.6 billion business.
In India, the celebrations start right from February 7 (Rose Day) moving on to February 8 (Proposal Day), February 9 (Chocolate Day), February 10 (Teddy Day), February 11 (Promise Day), February 12 (Kiss Day), February 13 (Hug Day), and the grand finale on February 14, Valentine's Day.
The study looked at the willingness of people to spend more than they normally do during the week of love. “Young lovers,” it says, are willing to over-spend on everything from flowers to teddy bears, cards, jewelery, and dinner.
All this, of course, is great news for business; everyone from roadside florists to high-end restaurateurs are minting money during the week-long celebration of love.
The study found that, this year, people will be spending a whopping 120 percent more than the last year. Secretary General of Assocham, D. S. Rawat, said, "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.”
Assocham surveyed 1200 people ranging from students to professionals. Respondents said that they were willing to spend between INR 5000 and INR 150,000 for V-Day, depending on their individual capacities.
Greeting card manufacturer, Archies Limited, reports a 16 percent turnover during Valentine's week, and 10 times the regular sales figures.
"It is not just youngsters who shop, even those in the age group of 40-50 extensively shop for the occasion," said an Archies respresentative.
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