Valentine's Day market in India may cross Rs 22,000 crore this year

The spending on Valentine's Week this year will be 40 per cent higher than last year, which was about Rs 16,000 crore in 2014.
Valentine's Day market in India may cross Rs 22,000 crore this year

New Delhi: Online retailers and shoppers are expected to earn Rs 22,000 crore from Valentine's Day shopping, according to Assocham.

The spending on Valentine's Week this year will be 40 per cent higher than last year, which was about Rs 16,000 crore in 2014.

Owing to the improved economic situation this year and increased spending power of individuals, youths and eligible bachelors are gung-ho about breaking all previous records as they are likely to spend almost over 40 per cent as compared to the last year.

This year, the shares of online shoppers (32%) are much higher than the last year (20.5%) and ready to cash in on Valentine Day’s with record sales of popular gift articles like jewellery, chocolates, toys, readymade garments, mobile phones, electronic gadgets, wrist watches etc, the report said.

'Valentine's Day is turning out to be a heavy buying festival with a significant jump over the past four to five years,' DS Rawat, Secretary General, Assocham, said.

Around 52% of online shoppers surveyed say that they prefer to shop online because online retailers offered better deals. Half the smartphone owners in the group and nearly 18% of the tablet owners use those devices to make purchases, adds the survey.

The survey has revealed that big salary youths especially from the MNCs, BPOs, IT and big corporates are planning to spend massively on V-gifts ranges from Rs 1,000 to Rs 50,000 compared to students who are spending no less from Rs 500 to Rs 10,000 this year on valentine day.

As per the findings, the rural spending during the V-day is increased by over 22%% than the urban spending (20%) this year.

Other reasons for e-shoppers number multiplying are because of factors such as home delivery which saves time, secondly '24x7' hours shopping with ease and availability factors for product comparisons.

As per the Assocham estimates, In 2014, about 40 million consumers purchased something online and number is expected to grow to 65 million by 2015 with better infrastructure in terms of logistics, broadband and Internet-ready devices will be fuelling the demand in e-Commerce.

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