+ Valentine’s Day – Business of the heart becomes an entire industry in itself - CII Blog

Valentine’s Day as we know it, is different from what medieval stories tell us.  Many a legend surrounds this day, the most popular one of which includes the Roman priest, St Valentine, who cut out hearts from parchment and gave these to soldiers to remind them and other persecuted Christians of their vows and love for God. Hence, the use of hearts on Valentine’s Day.

The earliest description of February 14th as an annual celebration of love appears in the Charter of the Court of Love in 1400, and has since found place in  Elizabethan prose and poetry. Be it Chaucer or Shakespeare, nearly everyone has spoken of Valentine’s Day quite often. In the modern world, millions of people now celebrate this day with fervor and indulge by showering gifts on their loved ones.

In current times, Valentine’s Day has become a huge industry. People all over the globe know of it, and many celebrate it too, be it youth or even older generations. In the United States, Valentine’s Day is a momentous day for the country’s economy and for a large number of industries, be it retail, banking, hotels or even tourism. In itself, it is a multi-billion-dollar industry. According to a survey, approximately USD 30.3 billion was spent on Valentine’s Day of 2018.

In 2019, Valentine’s Day shoppers will set new spending records. They will add USD 20.7 billion to the US economy, according to the National Retail Federation. This gives a huge boost to retailers who cater to this market, and also indicates rising consumer confidence. Consumer spending drives almost 70% of the nation’s total output, that makes it the largest component of the nation’s GDP.

Valentine’s Day in India is no less commercial than it is anywhere else in the world. It’s not just in-house production and revenue that rises exponentially, the export sector does too. For Valentine’s Day 2019, Nepal has asked India for help by way of export of 160,000 roses worth Nepalese Rupees 15 million. The total revenue earned from the export of these roses is expected to touch INR 30 crore as against INR 23 crore in February, 2018.

This celebration of love, which has no place in Indian history, has slowly made its place in the common Indian’s heart. Just like the West, Valentine’s Day customs are being followed to the fullest in India. No longer is it a day just meant to celebrate your love, it is now a day which boosts the revenue of the retail market multi-fold. From roses to chocolates and greeting cards to watches, a whole lot of stuff sees brisk demand on this day. That spells business for companies that manufacture these products.

Owing to the improved economic situation and the spending ability of individuals, youths are breaking all previous records and they are likely to spend more with every passing year.