If Valentine's Day is a $ 14 billion industry in the US, India isn't far behind. The Valentine's Day market in India today is estimated to be a staggering Rs 1,200-crore business. That’s not all; estimates suggest that it's growing by an impressive 20-25 per cent every year.
A recent research done by AbsolutData Research and Analytics provides interesting insights into the way young Indians perceive this occasion. The survey suggests that with nearly 70 per cent of the urban youth celebrating the day, Valentine’s Day enjoys great social acceptance compared to earlier times.
Commenting on the survey, Anil Kaul, CEO, AbsolutData Research and Analytics, said, “Valentine's Day is increasingly becoming an accepted part of Indian celebrations; our research clearly shows that the youth are increasing their participation and spending on this occasion.”
There has been a drastic change in spending patterns with more than 50 per cent increase in the average spend this year vis-à-vis last year. Interestingly, men have taken the lead on shopping by spending 20 per cent more compared to women. Flowers and cards are the clear choices when it comes to gifting your loved one. The research has found that chocolates, cakes and jewellery are also stacking up on popularity besides trips to exotic locations and romantic dinners. Valentine's Day is also a large contributor to the increasing wallet share of online gift purchases.
AbsolutData Research and Analytics is a professional services firm that provides consulting-oriented advanced analytics and market research services to its global clients. AbsolutData is headquartered in the San Francisco Bay Area in California and has operations located in New Delhi.