Wednesday , 12 August 2020
Breaking News

V-Day market in India may cross Rs 22,000 cr this year: Assocham

KOLKATA: Online retailers and shoppers are likely to earn from sale of Valentine items close to an estimated Rs 22,000 crore with record sales of V-Cards and popular gift articles like flowers, diamond jewellery, chocolates, toys, readymade garments, mobile phones, electronic gadgets and wrist watches, according to an Assocham report.

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 improved economic situation this year and increased spending power of individuals, youths and eligible bachelors are upbeat 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 per cent) are much higher than the last year (20.5 per cent), the report said.

In an analysis on ‘Valentine Day-big business for Shoppers and the Industry’ which has covered the 600 organized retailers and online-shopping companies, the buying trends during Valentine’s Week have witnessed a significant upward movement due to aggressive online discounts, wider and abundant choice keeping them indoors.

The report covered the corporates and online-shopping companies engaged in the business of gift products, jewellers, chocolates, toys, readymade garments, travel houses, airlines, mobile and telecom and electronic firms.

In view of V-Day, companies are coming up with attractive offers targeting highly paid executives working in IT, BPO-ITeS, retail, hospitality industry, big corporates and

also students of various colleges, schools and institutions etc.

Expressing his views, Assocham secretary general D S Rawat said, “Valentine’s Day is turning out to be a heavy buying festival with a significant jump over the past four

to five years”.

As per the ASSOCHAM findings, about 52 per cent of online shoppers say that they prefer to shop online because online retailers offered better deals. Half the smartphone owners in the group and nearly 18 per cent of the tablet owners use those devices to make purchases, adds the survey.  UNI

Majority of shoppers said they receive retail deals and promotions on the phones and tablets. Moreover, sending a gift to his/her partner address without any additional costs

for delivery is the surprise element in online shopping. As per the findings, the rural spending during the V-day has also increased by over 22 per cent than the urban spending (20 per cent) this year.

Other reasons for e-shoppers rising numbers multiplying are  factors such as home delivery which saves time, ‘24×7’ hours shopping with ease and availability factors for

product comparisons, adds the survey.

Flowers and chocolates still remain one of the major gifting options for lovers in the age group of 18-24. Gadgets, watches and expensive jewellery are some of the gifting options preferred by people in the age group of 25 and above, the report said.

Check Also

Invented in India is the key to ‘Atmanirbhar Bharat’: Mashelkar

New Delhi: India needs to reinvent the ‘Make in India’ programme, opines R A Mashelkar, …