At a time when retailers are expecting business on the eve of Valentine’s Day, a survey by industry body Associated Chambers of Commerce and Industry of India (Assocham) has put a dampener saying that lovers are likely to curb their spend on big ticket items.
Citing a survey done by it, Assocham said in a statement Monday: “Owing to an on-going weak consumer sentiment, lovers on this Valentine’s Day are likely to curb their expenditure on big-ticket items like jewellery, a romantic getaway or an expensive designer outfit.”
According to the Assocham survey, while traditional items like flowers, chocolates, cosmetics and perfumes are on the top of the Valentine’s Day gift list for couples, electronic goods like low-cost tablets, smart phones, ipods and digital cameras also hog the list of desirable gifts on the special day dedicated to love.
The three-month survey carried out by Assocham Social Development Foundation (ASDF) elicited views of around 750 young couples in the age group of 20-30 years across cities like Ahmedabad, Bangalore, Bhubaneswar, Chandigarh, Chennai, Dehradun, Delhi-NCR, Hyderabad, Jaipur,Jammu, Kolkata, Lucknow, Mumbai, Patna and Pune.
According to the survey, 40 percent of the respondents said they would hold their purse tight on the Valentine’s Day spend and would spend only on traditional gifts while about 30 percent said they would prefer to gift an electronic gadget to their loved one.
Online spending on flowers is expected to grow as many respondents said they would log onto online flower retailers, where they can browse and compare prices against brick-and-mortar, makeshift flower shops, highlights the Assocham survey.
Besides, designer clothes, handbags and shoes are significant gift options for about 15 percent couples.
Since V-Day falls on a weekday this year, many respondents said they would celebrate the evening by watching a movie, followed by dinner.
The sweet news to hoteliers is that many of the respondents said a romantic meal with their significant other is the best part of Valentine’s Day celebrations.
As per the survey, an average couple would spend about Rs.1,500-Rs.3,500 to celebrate V-day.