People shop at a gift shop ahead of Valentine's Day, in Thiruvananthapuram.
Credit: PTI Photo
By Satviki Sanjay
Young Indians are buying record amounts of roses, chocolates and hampers to celebrate “Valentine’s Week,” in another sign of increased spending and rising income levels in world’s most populous nation.
While February 14 is recognised as Valentine’s Day around the world, the week preceding it has gained popularity in India. February 7 is known as Rose Day, while the 9th is associated with chocolates and 10th with teddy bears. The other days of the week are linked to romantic gestures like promises and hugs. E-commerce platforms, along with dating sites, are pushing the trend and engaging in aggressive campaigns to promote romantic products.
Indian gifting platform FNP E Retail Pvt, known as FNP.com, delivered a record 350 roses per minute ahead of Valentine’s Day, the New Delhi-based company said in an emailed statement. Food delivery platform Zomato Ltd’s unit Blinkit dispatched 406 chocolates per minute on February 9, Chief Executive Officer Albinder Dhindsa wrote in a post on X, the social network formerly known as Twitter.
“We expect at least about 25% increase in sales this year,” said Pawan Gadia, director and chief executive officer global at FNP.com, over the phone. “We started preparing six months ago as Valentine’s is a flagship event for us.”
The surge in Valentine’s Day-linked spending comes as the country’s growing middle class — particularly young adults — spend extensively on retail platforms and dining in glitzy restaurants and cafes. About half of Indian consumers are choosing invest in experiences over purchases that have practical benefits, market research agency Mintel’s Consumer Spending Priorities 2023 report shows.
The increased spending comes despite protests from ultra-right wing Hindu organisations who have in the past few years campaigned against Valentine’s Day celebrations. For now, though, many Indian consumers have side-stepped those protests as they snap up gifts for their loved ones.
“It’s an opportunity for me to express my feelings,” said Arpit Kothari, a 27-year-old finance professional who bought a bouquet of roses online for his partner of seven years. “I don’t mind spending a little amount of money.”
Beauty retailer FSN E-Commerce Ventures Ltd., which operates under the name Nykaa, has launched a Valentine’s Day-themed “pink sale,” while Blinkit has introduced “single mode” to differentiate between its target consumers.
Even banks are getting in on the action with SBM Bank India offering special fixed deposit rates from February 8 to February 29. as it celebrates the “season of love,” it said in an email statement.
“There is more money in the pocket of those who celebrate this day,” said Harish Bijoor, an independent business and brand-strategy consultant.