Valentine's Day 2024 - A Day for Unlimited Gifts & Love (2024)

Valentine’s Day originated during the ancient Roman festival, Lupercalia, that celebrated spring and love.

People believe it’s dedicated to the 3rd-century martyred Roman St Valentine, who secretly married young couples when King Claudius had banned marriage in the empire.

In the Middle Ages, February 14th blossomed into a day to express love with handwritten notes.
England was celebrating by exchanging flowers, sweets, and love notes by the 18th century.

The tradition crossed borders. In 1913, Hallmark flew in like Cupid in the US and, by 1916, replaced handwritten notes with mass-produced cards and chocolates, making Valentine’s Day a major consumer event.

Globalization spread love (and profit), and people celebrated with fancy dinners, extravagant gifts, and themed vacations. From ancient rituals to modern-day market forces, tradition made way for commercialization.

The love bug bit India, with the young gen losing itself in Archie’s Gallery’s alleys of greeting cards, teddy bears, keychains, and stuffed toys when it opened in 1979. Archie’s made India modern, hip, and global.

Valentine’s Day greeting cards were launched in 1984-85 and became an instant hit, only getting bigger and better thereon.

The 90s was the decade of economic freedom and a growing middle class with an increasing disposable income.

Cable and satellite TV filled our living rooms with the romance of Hollywood flicks like Pretty Woman and Notting Hill and tunes like Nothing’s Gonna Change My Love for You and Everything I Do, as Indipop’s Chhui Mui Si Tum and Valentine’s Day Ke Din Main chimed in.

Guess what the week-long celebrations mean for the commercial side of love? The market size of ₹1,200 crore in 2007 grew to a whopping ₹18,000 crore in 2015.

In 2023, Indians spent an estimated ₹30,000 crore on Valentine’s Day. Pampering sessions at spas, luxury brands, and tech brands made the business of love go beyond cards, chocolates, and jewelry.

What would make one feel more special? A one-size-fits-all gift or a customized experience? Your guess is as good as ours.

The desire to feel extraordinary has fueled the boom of platforms like IGP, Ferns N Petals, OyeGifts, etc., offering customized jewelry, couple portraits, and so on.

Loved-up couples started going beyond exchanging generic gifts. They increasingly seek memorable shared experiences.

Cooking classes by Cookify or Airbnb Experiences, adventure trips by Thrillophilia and MakeMyTrip, and spa packages by The Spa, Four Seasons offer such unique experiences.

Valentine’s Day is no longer just for couples or loved ones. Celebrating singlehood and practicing self-love is the new romance.

Bath bombs (Bath & Body Works), subscriptions to wellness services (Headspace, Calm), or solo travel packages cater to this growing segment.

As the flower industry turns more fragrant, with ₹500 crore worth of business around Valentine’s Day, personalized gifts and gift hampers see an incredible 100% market growth!

70% of the revenue comes from online businesses for players like Ferns N Petals, Flower Aura, Archie’s, etc.

A theory suggests the happy feeling on Valentine’s Day makes people buy stocks as they are more optimistic. Globally, this trend is called the Valentine Effect. Some experts believe the reason could be an increase in demand for celebratory products and services during the period.

Greeting cards, flower companies, or jewelry retailers see higher sales. A leading floral exporter, Soex Flora Pvt. Ltd, for example, states their market surged to ₹231.7 billion in 2022 and is projected to reach ₹460.6 billion by 2028, reflecting a promising 13.1% compound annual growth rate.

The celebration of love is getting bigger and brighter in India. And it’s not just Tier 1 cities that are celebrating. Tier 2 and Tier 3 cities and towns are looking for experiential elements, too.
Consider this: the largest gifting brand, Ferns N Petals, expects a 50% increase in demand from these regions.

Or take Archie’s example. Their business grew approximately 40% from ₹5413.90 lakhs in FY 2020-21 to ₹ 7553.24 in FY22.

While traditional gifts are here to stay, the future is all about personalization, experiences, and self-love. Think romantic getaways instead of bouquets, engraved jewelry instead of cards, and pampering treats for singles besides couple gifts.

The Gifting market, already worth ₹2500 bn, will be fueled further by rising incomes, tech-savvy consumers, and changing social norms.
It’s not just a day for romance anymore – it’s a consumption story that’s only getting bigger!