The Assocham has also conducted a Survey covered 2500 young executives working and non-working in major metros various companies especially from the services sector, 250 educational institutions and 1500 students.
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 educational institutions students ranges from Rs. 500 to Rs.10,000 this year on valentine day, said D S Rawat, Secretary General Assocham while releasing the paper.
Valentine sales account for nearly 25% of business share for a luxury brand. It is a heavy buying festival that has seen a significant jump over the past 5 years. While flowers, platinum or diamond jewellery and branded apparel remain the most preferred gift items, the demand for "something different" is growing in the metros, said Rawat.
"Fashion conscious teens, be it girls or boys, are becoming more concerned about their appearance and taking what they wear more seriously than ever before," said Rawat. The personal grooming becomes a very important task for people who plan on celebrating the V-Day. The survey also reveals that nearly 75% of people will spend between Rs.500 to Rs. 10,000 on themselves for the day.
Demand for special gift hamper for men that includes branded apparel, sterling silver cufflinks, an exquisite silk tie, a calfskin belt, wallet and a key chain, with a tag of over Rs 12,000 to Rs. 15,000 on the rise, adds the paper.
While the major showrooms will earn revenue from products like mobile phones, MP3 players, iPod, electronics items, readymade garments, the online shopping companies will source the money from flowers, greeting cards, chocolates, toys, jewellery etc. The major metros shoppers will spend beyond 68% in view of hub of service sectors in Gurgaon, Noida, Mumbai, Bangalore, Hyderabad, Chandigarh, where maximum youths working on various IT, BPOs, MNCs and big corporates and staying their also.
On the lines of gift items corporates, travel houses are also offering special V-Day packages in nearby destinations like Kerala, Goa, Nainital, Mount Abu, Dehradun, Musoourie, Kasuali, Shimla, Panchvati, etc. ranges from Rs. 5000 to Rs.50,000/- by way of targeting higher paid executives of MNCs, big corporates and services sector, reveals the paper.
Airlines are also not far behind in luring the youths by way of tie-up with reputed travel houses and hotels for the destinations like Bangalore, Hyderabad, Jaipur, Shimla, Mumbai, Goa, Kerala also international holiday packages include popular destinations such as Goa, Bangkok and Singapore, highlights the survey. Surveys also show that on average, men’s budgets are more than double than women plan on spending for V-Day.
Nearly 65% men and women will take their date out to dinner, 38% will buy chocolates, and 37% will give flowers. Only 49% want to receive dinner, while 30% want chocolates and 20% want flowers. However, only 8% plan to give gift cards, but 15% want to receive cards. Only 7% plan to offer electronics, but 20% want to receive electronics.
Quick findings of the Assocham paper: