NEW DELHI - 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 the world’s most populous nation.
While Feb 14 is recognised as Valentine’s Day around the world, the week preceding it has gained popularity in India. Feb 7 is known as Rose Day, while Feb 9 is associated with chocolates and Feb 10 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, known as FNP.com, delivered a record 350 roses a minute ahead of Valentine’s Day, the New Delhi-based company said in a statement.
Food delivery platform Zomato unit Blinkit dispatched 406 chocolates a minute on Feb 9, its chief executive Albinder Dhindsa wrote in a post on X, formerly Twitter.
FNP.com director and global chief executive Pawan Gadia said: “We expect at least about 25 per cent increase in sales this year. 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 to 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 that 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 finance professional Arpit Kothari, 27 who bought a bouquet of roses online for his partner of seven years. “I don’t mind spending a little money.”
Beauty retailer FSN E-Commerce Ventures, 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 Feb 8 to Feb 29 as it celebrates the “season of love”, it said in a statement.
“There is more money in the pocket of those who celebrate this day,” said independent business and brand-strategy consultant Harish Bijoor. BLOOMBERG
