Valentine's Week: Cupid's Arrow Strikes Businesses As Young Consumers Defy Inflated Price Tags

Love is in the air, and so are sales as young consumers splurge on gifts and experiences, undeterred by inflated price tags. From extravagant bouquets to one-of-a-kind date-nights, this Valentine's Week is igniting a spending frenzy that has many businesses hopeful of clocking 20–30% higher revenue.

"We are seeing almost 300% increase in terms of the number of orders this year, something I have never seen before," Pawan Gadia, global chief executive officer of gifting brand FNP (Ferns N Petals) told NDTV Profit.

Valentine's Day on Feb. 14 is celebrated worldwide. But, in India, the days leading up to it are increasingly gaining popularity. Each day is dedicated to a specific theme—starting with Rose Day on Feb. 7, followed by Propose Day, Chocolate Day, Teddy Day, and more. Instant delivery companies are pushing the trend, with aggressive marketing campaigns to promote all kinds of romantic gifts for love-struck shoppers.

"We have sold about 15 lakh roses so far, with four lakh roses sold on Rose Day alone," Gadia said. On Chocolate Day, celebrated on Feb. 9 during Valentine's Week, FNP sold about one lakh chocolates that translated to 30% higher sales than last year, driven mainly by quick commerce platforms. For the entire week, too, he projects 25-30% sales growth.

Promising delivery in under 10 minutes, quick commerce platforms like Swiggy Instamart and Zomato-owned Blinkit have curated a special selection of products for couples celebrating the week of love.

The size of India's Valentine's Day market is a staggering Rs 25,000 crore, growing at 20–25% annually. While the formal sector thrives, a substantial portion of business on this day goes untracked. Street vendors and local florists, too, are bustling with activity. They expect at least 25% higher sales over last year, as consumers are willing to spend little extra to express their feelings.

Amit Kundu, a florist in Delhi's GK II, exhausted his entire stock of 5,000 roses in just three hours on Rose Day, surpassing previous year's 1,700. With prices of red roses already higher than last year, Kundu has raised his rates from Rs 35 to Rs 45, anticipating even higher demand for Valentine's Day.

Higher sales have come at a time when prices have skyrocketed. The cost of a single rose stem has surged 30-35% and record high cocoa prices have driven up chocolate prices. To protect their profit margins, companies such as Nestle India Ltd. and Mondelez India Foods Pvt., the maker of Cadbury, have hiked product prices by 10-15% or opted to reduce package sizes.

Roses and chocolates apart, consumers are also expected to spend on jewellery. Retailers are hoping for a bumper season even as geopolitical uncertainty has sent gold prices through the roof. They are offering discounts in the form of lower making charge and rolling out new collections, focusing more on diamonds and lightweight jewellery.

Senco Gold is offering up to 100% off on the making charges for diamond jewellery and up to 15% off on the value of diamonds purchased through their website. Tanishq, from the house of Tata Group, is set to unveil its Soulmates collection—a set of natural diamond engagement rings—just in time for Valentine’s Day. CaratLane, also a Tata product, is providing a flat 20% discount on the MRP of over 4,000 diamond pieces in their collection.