As Valentine’s Day 2024 fever catches up, brands expect a 25%-300% growth in revenue or sales
Bengaluru: Encouraged by robust growth during V-Day last year, leading brands across categories are looking forward to their Valentine’s season becoming more special this year with a sales growth in the range of 25%-300%.
Over the years, Valentine’s Day has grown into a big business for retailers spanning various sectors, including fashion, lifestyle, beauty, wellness, food, beverages, and gifting.
Assocham estimated the Indian Valentine’s Day market to be worth ₹25,000 crore in 2023. Just floral business on the day last year was estimated at around Rs 500 crore, as reported by Zee Business.
Brands go out of their way to dish out innovative products, offers and promotions to make the day more special and get a larger slice of the growing business around Valentine’s, which has now extended to a full week with Rose Day, Propose Day, Chocolate Day, Teddy Day, Promise Day, Hug Day, Kiss Day and finally Valentine’s Day.
But how special is the day for them in terms of business? IndiaRetailing spoke to industry leaders from various sectors about Valentine’s Day 2023 and strategies and expectations for Valentine’s Day 2024.
Remebering V-Day 2023
In 2023, as is expected, numerous retailers witnessed exponential business growth the entire week of 7 – 14 February. Consumer spending totalled $25.9 billion worldwide, up 8.37% year-over-year (YoY) on Valentine’s Day 2023, according to Capital One Shopping Research. Candy emerged as the top purchased item followed by greeting cards, flowers and dine-outs.
“In 2023, we recorded revenues of around Rs 3.2 crore reflecting a commendable 5.45% growth during that period,” shared Varun Moolchandani, executive director of Archies, a leading omnichannel gifting retailer.
Swiss Military, the global lifestyle brand with a presence in over 26 countries and boasting over 1,200 SKUs in its global portfolio, experienced a sales growth of up to 25% during Valentine’s week last year.
Multinational fashion accessories brand Accessorize London showed a 40% growth during this period last year, while Delhi-based jewellery retailer PP Jewellers by Pawan Gupta achieved a revenue growth of 10-15%.
BigBasket, the Bengaluru-based online food and grocery store chain now owned by the Tata Group, also reported significant growth across all categories in 2023 compared to its Valentine’s Day sales in 2022.
“Teddy and heart soft toys, roses, décor and gift sets have shown remarkable growth rates, with percentages exceeding 1,000%. Chocolates have seen a considerable increase compared to 2022, with a two times growth in special Valentine’s chocolates,” said Seshu Kumar, chief buying and merchandising officer at BigBasket
V-Day 2024 Expectations
While each retailer may have different tactics and promotions in place, the collective expectation is that Valentine’s Day 2024 will be a fruitful season for businesses across the board.
“Valentine’s Day remains a crucial period for retail businesses, and we are committed to maximising our presence and offerings during this significant time. Our aim for this year is to surpass the sales growth achieved last year,” said Sawhney of Swiss Military. The brand is focused on leveraging its marketing strategies, expanding product offerings and elevating customer service to maximise sales.
Reliance Jewels, the jewellery division of Reliance Retail boasting over 400 retail stores nationwide, has high hopes for this Valentine’s season. It has created a collection just in time for the week with a special offer of up to 25% off on the diamond value, according to a company spokesperson.
FlowerAura, the online flower and gifts store is expecting 25% growth as compared to last year, while Ferns N Petals (FNP), a Delhi-based retailer in the same category is projecting a 45% increase in sales compared to last year, particularly in categories such as gift hampers and personalised products, which are expected to experience a 100% growth.
“On this Rose Day, over 500,000 roses were delivered, achieving a rate of six roses per second, translating to 350 roses per minute. Approximately 40% of the total number of roses gifted throughout the year happen during Valentine’s week,” shared Pawan Gadia, director of FNP.
Lavie, a bag brand owned by Bagzone Lifestyles is offering discounts of up to 70% on all its products to surpass previous sales records and achieve substantial revenue growth, as stated by Ayush Tainwala, chief executive officer of Bagzone Lifestyles.
Archies has set ambitious sales targets too. “We are aiming to achieve revenues of Rs. 350 lakh during the Valentine’s week festivities,” said Moolchandani. The retailer has forged partnerships with the global snacking company Mondelez India, known for Cadbury Dairy Milk, and is also collaborating with Blinkit, Zepto, and Instamart to introduce rapid delivery services. This initiative ensures that customers receive their Valentine’s products within 10 minutes or less.
With deals such as buy 2 get 1 free across multi-brand outlets such as Shoppers Stop and SS Beauty outlets pan India in place clean beauty retailer BiE (Beauty in Everything) is expecting a significant surge in sales. “We’re confidently aiming for a 50% surge in sales,” said Queenie Singh, founder of BiE.
BigBasket is expecting its overall sales to increase by 300% compared to the previous year. “Our goal is to drive sales growth, expand market reach, and deliver a memorable shopping experience for our customers,” added Kumar of BigBasket.
