Tight purse strings on Valentines Day: Assocham survey

Written by Charanjit Ahuja | Chandigarh | Updated: Feb 11 2013, 22:07pm hrs
An Assocham survey conducted in Chandigarh and 14 other cities has found that about 40 per cent of people are holding the purse strings tight so far as Valentine's Day spending is concerned and will spend only on traditional gifts while about 30 per cent would prefer to gift an electronic gadget to their loved ones.

The survey of about 750 carried out by the ASSOCHAM Social Development Foundation (ASDF) carried out in the cities of Chandigarh, Ahmedabad, Bangalore, Bhubaneswar, Chennai, Dehradun, Delhi-NCR, Hyderabad, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Patna and Pune during November 2012-January 2013 found that weak consumer sentiment is likely to result in couples cutting down on expenditure on big-ticket items like jewellery.

However, Ms Caroline Dangwal, Mall Manager of DLF City Centre at Chandigarh said that innovative shopping can lure couples.

She said that the management has come out with a unique shopping fiesta Be My Valentine based on the Valentines theme which is pulling crowds. The event would continue till March 2.

A shopping binge of Rs 5000 or more can win one the sparkling diamond jewellery worth Rs 2.2 lakhs in the mega draw. The diamond jewellery is sponsored by Gitanjali Jewels.

Assocham survey too agrees with Ms Carlonine when it finds that traditional gifts like flowers, chocolates, cosmetics, perfumes, electronic gadgets like low-cost tablets, smart phones, ipods and digital cameras are other most desirable gift options for this V-day.

Online spending on flowers is expected to strengthen as many respondents said they would log onto online flower retailers, where they can browse and compare prices against brick-and-mortar, makeshift flower shops, highlights the ASSOCHAM survey.

Besides, designer clothes, handbags and shoes are significant gift options for about 15 per cent couples.

Since the V-day is falling on a weekday this year, many respondents said they would celebrate the evening by watching a movie followed by a dinner.

Interestingly, of all the respondents, about half said they do not approve of the gift item given by their partner but accept it as a token of love from their spouse. Many of them said a romantic meal with their significant other is the best part of their V-day celebrations. According to the ASSOCHAM survey an average couple at the aforesaid urban centre would spend about Rs 1,500-Rs 3,500 to celebrate the V-day.