As sales spike, brands too are loving Valentine's Day
The Valentine’s Day market in India is valued to be around Rs 15 billion, according to reports
Valentine’s Day, the day of love is finally here, It is just not a time when love is in the air, it is also a time which impacts the economics of big and small brands from chocolates to condoms.
According to reports, Valentine’s Day market in India is valued at Rs 15 billion. From red roses to teddy bears and cakes, the gifting preferences hasn’t undergone many changes in the country. At the same time, red roses and chocolates have also become items which accompanies expensive gifts. The popularity of e-gift items and gift cards are also on the rise. Reportedly the Indian gift card market is expected to reach $80-85 billion by 2024. Brands are also set to welcome Valentine's Day with offers and campaigns focusing on the target customers.
Telling us more about how Durex condoms engage customers during Valentine’s Day, Pankaj Duhan, Chief Marketing Officer, RB South Asia Health, “Durex as a brand stands for people coming together. We promote love and intimacy, with responsibility. There are many moments in the year that are special occasions for people to come together in love. Valentine's Day is one such occasion and therefore we promote our brand point of view on the occasion through interesting, engaging content that appeals to our consumers.”
“The brands both small and big expect an increase of 20-70% revenue growth during Valentine’s day. Gone are the days where individuals opted for red roses and chocolates as a gift to their significant ones, now givers and receivers prefer expensive gifts. Personalised gifts and e-gift items are also gaining popularity. Online cakes are another fast-moving and popular item during Valentine’s day,” said an industry expert.
Flower and gift retailers Ferns N Petals have seen 65% overall growth in sales.
“Until now, we have witnessed 65% overall growth in sales compared to last year’s Valentine’s day. The sale of plants has witnessed a 105% growth and 125% sales growth in personalised gifts,” said Manish Saini, Vice- President, e-Commerce, Ferns N Petals.
Speaking about the marketing strategies followed by FNP for Valentine's Day Manish Saini said, “People have shifted to more personalised gifts and experiences. This year, we have started a separate tab on www.fnp.com wherein people can pick quotes and wishes for their loved ones. We have reduced delivery time from four to two hours. Also, we are providing décor and dining experiences to our valued customers.”
The online cake shop CakeZone has witnessed sales growth from the first day of Valentine’s week itself.
“We witnessed a huge hike in sales on Rose Day and Chocolate Day itself. A 23% increase in the sales was witnessed on Rose Day which was on 7th February. 30% growth was marked on Chocolate day. We are expecting more sale for Valentine's Day and the increase in sales is clear proof that people are really warming up to the idea of a week full of Valentine's Day,” said Manu, Digital Marketing Strategist at CakeZone.
“Cakes, especially the heart-shaped ones has high demand during Valentine’s day. We introduced alcohol infused chocolates this year and it has turned to be one of our best sellers, greeting cards also have huge demand,” added Manu.
Speaking about the purchase trends of condoms during Valentine’s day Tejprakash Mishra, General Manager (Marketing and Sales), Playguard Condoms said, “The effect of Valentine's Day on sales of condoms will not be as much as that of greeting cards, chocolates & cakes etc. We don't focus too much on the share of wallet during the season of love but we insist on a share of mind during the entire week while staying relevant.”
He continued, “We are a new entrant in the sexual wellness market, Valentine’s Day is largely a metro and class- I town phenomenon, there are no significant purchase trends that can actually be ascribed to Valentine’s Day, although the sales at a few pockets where the youth converges definitely goes up. Brands also sell specially designed condom gift packs during the season of love.”
Speaking on the marketing strategies by Playguard for Valentine's Day, Mishra said, “We believe in capturing the mind space, hence our tonality is not overtly sexual, we engage the youth through our social media posts which include all the days of the week starting with rose day, propose day, chocolate day, teddy day, hug day, promise day, kiss day, leading to Valentine’s Day. We engage the target group through social media posts, we are currently running a campaign to understand the acceptance of rose flavored condoms. If we receive the required number of retweets to our posts, we will launch rose flavored condom, the campaign is currently on and will end on Valentine’s Day”.
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