Sales surge: Valentine’s Day brings cheers for consumer companies
NEW DELHI: Faced with sluggish sales during the festive period, consumer-centric companies, high street fashion, luxury and jewellery brands are witnessing a surge in sales as they approach Valentine’s Day (V -Day). Consumers are splurging on a variety of items, with a noticeable uptick in demand for jewellery, apparel, premium chocolates, and curated experiences like short weekend getaways.
For some retailers, sales are on par with the festive buying season, significantly boosting the commercial appeal of the occasion.
Not to be left behind, quick commerce platforms including Zomato are capitalizing on the spike in demand for flowers, cakes and desserts, while restaurants are preparing to handle the expected surge in footfalls.
Last year, on V Day, sales of popular categories like cake and desserts on Zomato increased three to four times as against a regular day, and gift hampers saw a twelvefold increase.
Jewellery and premium chocolates- which remain the mainstay of Valentine’s Day, are also experiencing a jump in sales.
“There has been a growth in diamond jewellery sales by 10-12% this season, with both the young generation and Gen X buying. The popular range is between Rs 15,000 to a lakh. The wedding season is also in full swing, which faces certain break due to sudden gold price jump impacting volumes for gold, but diamond and platinum jewellery is selling at higher growth than plain gold, due to higher gold price,” Suvankar Sen, MD & CEO, Senco Gold and Diamonds told TOI.
Mia, a Tanishq brand, has partnered with Swiggy Instamart to offer doorstep delivery of silver jewellery in under 10 minutes. “It’s too early to report a surge in sales, as it has been less than a month since we’ve started. Silver’s overall contribution to our business remains relatively low. However, in most city catchments, our initial stock has sold out, and we are in the process of replenishing inventory” Shyamala Ramanan, business head, Mia by Tanishq said.
For premium chocolates, the response is definitely higher than last year’s Valentine season, and at par with the festive season, Sanskriti Gupta of Laderach India says. “Ever since its foray in Indian market, Laderach has been doing very well. This positive momentum also extends to the recent Valentine season, ..to our curated gift hampers. Our customers are opting for higher-end selections, with the average sale price of Rs 6,600,” she added.
A Zomato spokesperson said, sales of rose-themed and/or flavoured dishes on Rose Day (Feb 7) soared by two-fold, while delivery of rose-flavored beverages jumped 70%. Further, on Chocolate Day (Feb 10), over 125K chocolate-based dishes were sold. The newly- launched chocolate fondue boxes are showing promising early sales figures.
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