This Valentine's Day may not see an extravagant display of love, according to a recent survey by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), which revealed that many couples are not likely to splurge on expensive gifts such as jewellery or designer wear given the prevailing weak consumer sentiment.
The ASSOCHAM Social Development Foundation conducted a survey with 750 young couples in the age group of 20 to 30 years across 15 cities including Mumbai, Delhi and Bangalore.
According to the ASSOCHAM survey, an couple in a city would spend between Rs. 1,500 and Rs. 3,500 on an average to celebrate the romantic day. 40% of the respondents said they will hold back on expenditure on expensive items for Valentine's Day and will opt for traditional gifts such as flowers, chocolates and perfumes. 30% of the respondents said they will spend on an electronic gadget for their loved ones. Only 15% said they would buy designer clothes, shoes and handbags on V-Day.
However, consumer trends in the city did not seem dull just a few days before Valentine's Day. "Valentine's Day is the perfect opportunity for couples to spend on each other, and many young couples are opting for gold jewellery this year," said Kumar Jain, vice president, Mumbai Jewellers' Association. "The sale of small jewellery items such as rings and studs has increased by 20% this time," he added.