The town has been painted red, love is in the air and everyone, young or old, is going to pour their hearts and wallets alike to express love in the most grandiose way possible. The business of love has been a rather lucrative one since time immemorial.
Think back to the ads that have employed companionship and love as a central focal point of sales. Be it Ariel’s Share the Load campaign that tugged at our heart strings for letting love coax us to buy a detergent or a more brazen Axe Deodorant showcasing the direct impact of a body spray bringing the ladies to the yard.
So clearly, love is a sales tool for many marketers and copy writers alike to sell products that probably have no direct connection to love whatsoever.
With love being a major agent in sales, what is the cost of LOVE? We decided to pick the one day that love is celebrated to bring you some statistics.
The Cost of Gifting
Valentine’s Day 2021 is set for a 21% spike in expenditure in 2021.
In Q3 2018, smartphones accounted for 61% of retail site visits worldwide, and generated about 45% of online shopping orders. Also, Mobile commerce hit $700 billion in revenue in 2017 — that’s an increase of 300% growth over the previous four years and its getting bigger and bigger every year.
It is being expected that more than INR 30,000 crore will be spent by Indians, on the occasion of Valentines Day.
Considering the fact that a not-so-surprising 64% male population buys a gift for Valentine’s day in comparison to their significant others, the most popular V-day gift also happens to be flowers and in specific Roses. In 2019 , on the occasion of Valentines’ Day, Indian farmers exported roses worth INR 30 crore to countries like UAE, UK, Thailand, China and more.
In fact, in USA, Valentine’s Day is the biggest holiday with maximum sales every year, second only to Black Friday Sales which means Americans, and dare I say all other country folks as well invest the most amount of money in love!
It would be interesting to see how the pandemic has altered anything this year and if the spends would skew towards other categories. But here is what we are going to leave you with.
What would be an ideal Valentine’s Day gift you would opt for your loved ones if you were required not to spend?