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ZDNet, Friday, 16 February 2007
Online Gift Purchases Boost During Valentines
While Valentine's Day is estimated to be a $ 14 billion industry in the US, India isn't far behind. The Valentine's Day market today is a staggering Rs 1,200-crore. And all estimates suggest that it's growing by 20-25 percent year-on-year.
A recent research done by AbsolutData Research & Analytics provides interesting insights into the way young Indians perceive this occasion. The survey suggests that with nearly 70 percent of the urban youth celebrating the day, V- Day enjoys great social acceptance as compared to earlier times. There has been a drastic change in spending patterns with more than 50 percent increase in the average spend this season compared to last year. Interestingly men have taken the lead on shopping by spending 20 percent more as compared to women. Flowers & cards are the clear choices when it comes to gifting your loved one. The research reveals that chocolates, cakes and jewellery are also stacking up on popularity as are trips to exotic locations and romantic dinners.
Valentine's Day is a large contributor to the increasing wallet share of online gift purchases. As part of this trend, both traditional gift shops as well as online retailers are cashing in as never before and this trend is only on the upswing.
Anil Kaul, CEO, AbsolutData Research and Analytics said, "Valentine's Day is increasingly becoming an accepted part of Indian celebrations; our research clearly shows that the youth are increasing their participation & spending on this occasion."
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