Valentine’s Day: An Ode to Love, and A Key to Commercial Success globally, and in India

Valentine’s Day, celebrated on February 14th every year, is a day synonymous with love, affection, and the exchange of gifts. But have you ever wondered about the origins of this romantic holiday and its impact on today’s market?

The exact origins of Valentine’s Day are shrouded in mystery and intertwined with various historical legends. One popular belief is that it originated from the ancient Roman festival of Lupercalia, celebrated in mid-February to honor the god of fertility. Another theory traces the holiday’s roots to the Christian martyr St. Valentine, who defied Emperor Claudius II’s ban on marriage for young soldiers. Legend has it that Valentine continued to perform marriages in secret, leading to his eventual execution.

Evolution into a Commercial Phenomenon

The romantic associations of Valentine’s Day were further popularized during the Middle Ages through the works of poets like Geoffrey Chaucer and William Shakespeare, who romanticized the notion of courtly love.

Fast forward to the 19th century, and Valentine’s Day began to be commercialized with the mass production of greeting cards, chocolates, flowers, and other gifts. Today, it has evolved into a multibillion-dollar industry worldwide.

Impact on the Indian Market

A 2023 Assocham report estimates the Indian Valentine’s Day market to be worth ₹25,000 crores, signifying its significant contribution to the economy. Just floral business on the day last year was estimated at around Rs 500 crore, as reported by Zee Business.

In India, Valentine’s Day has gained significant traction among the younger demographic, influencing consumer behavior and spending patterns. Young couples and individuals eagerly participate in the festivities, exchanging gifts and tokens of affection. The Indian market witnesses a surge in sales of flowers, chocolates, jewelry, greeting cards, and romantic experiences in the lead-up to Valentine’s Day. Businesses capitalize on this occasion by offering special promotions and discounts to attract customers.

Luxury sales of both pre-owned and new products have grown 40-50% year-on-year for Luxepolis, an online marketplace for certified pre-owned and discounted new luxury goods, said its founder. Similarly, Sales of luxury products at UB City have shown a notable increase compared to the previous year. “We have noticed a significant uptick in consumer interest and spending on luxury items, particularly those tailored for Valentine’s Day,” said Uzma Irfan, director, UB City Bengaluru.

“Because of the millennial audience, who shows a greater propensity for accumulating experiences over possessions, we have witnessed 25-30% traction for celebration or happy brands (for eg. BookMyShow, PVR, Dineout, Smaaash etc) which people tend to opt to have a good time with their partner since the beginning of Valentine week,” said Arvind Prabhakar, CEO, GyFTR.com. Gyftr platform is expecting 50% of traction on 13th and 14th February which is likely to be the largest in terms of volumes. “This year, we are looking at INR 10 Cr worth of transaction value which is a substantial jump compared to last year,” Prabhakar said.

Travel companies also see an increase of around 50% during this time of the year and popular destinations are the Maldives, Indonesia and Thailand for short-haul, New Zealand and Australia for the long haul.

Indian Brands looking forward to Cash In:

1. Reliance Jewels, the jewellery division of Reliance Retail boasting over 400 retail stores nationwide, has high hopes for this Valentine’s season. It has created a collection just in time for the week with a special offer of up to 25% off on the diamond value, according to a company spokesperson.

2. FlowerAura, the online flower and gifts store is expecting 25% growth as compared to last year, while Ferns N Petals (FNP), a Delhi-based retailer in the same category is projecting a 45% increase in sales compared to last year, particularly in categories such as gift hampers and personalised products, which are expected to experience a 100% growth.

3. “On this Rose Day, over 500,000 roses were delivered, achieving a rate of six roses per second, translating to 350 roses per minute. Approximately 40% of the total number of roses gifted throughout the year happen during Valentine’s week,” shared Pawan Gadia, director of FNP.

4. Lavie, a bag brand owned by Bagzone Lifestyles is offering discounts of up to 70% on all its products to surpass previous sales records and achieve substantial revenue growth.

5. Archies has set ambitious sales targets too. “We are aiming to achieve revenues of Rs. 350 lakh during the Valentine’s week festivities,” said Moolchandani. The retailer has forged partnerships with the global snacking company Mondelez India, known for Cadbury Dairy Milk, and is also collaborating with Blinkit, Zepto, and Instamart to introduce rapid delivery services. This initiative ensures that customers receive their Valentine’s products within 10 minutes or less.

6. With deals such as buy 2 get 1 free across multi-brand outlets such as Shoppers Stop and SS Beauty outlets pan India in place clean beauty retailer BiE (Beauty in Everything) is expecting a significant surge in sales. “We’re confidently aiming for a 50% surge in sales,” said Queenie Singh, founder of BiE.

7. BigBasket is expecting its overall sales to increase by 300% compared to the previous year. “Our goal is to drive sales growth, expand market reach, and deliver a memorable shopping experience for our customers,” added Kumar of BigBasket.

In Summary, Valentine’s Day, once steeped in ancient traditions and romantic legends, has transformed into a modern-day market phenomenon, influencing consumer behavior and driving sales across various industries. It’s not just about love and gifts anymore, it’s an annual event on the promotional calendar of most companies hungry for revenue growth too.

A Combination, Love, Money, and Business.. Does it get any better for Corporate India?

Team Profile

Shubham ChakrabortyNews Writer

Shubham Chakraborty, a Freelance Writer, holds an MBA from XLRI and boasts 6.5 years of extensive corporate experience. Departing from his corporate path, he embarked on a journey to fulfill his childhood dream of focusing on writing.

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