Valentine's Day, celebrated annually on 14th February, has originated as a Christian feast day honouring a martyr named Valentine. It has also become a significant cultural and commercial celebration of romance and love in many parts of the world.
Valentine's Week consists of seven days, focusing on different forms of love and affection. It begins with Rose Day which is celebrated on 7th February, Propose Day celebrated on 8th February, Chocolate Day on 9th February, Teddy Day on 10th February, Promise Day on 11th February, Hug Day on 12th February, and finally Valentine’s Day on 14th February.
Is Valentine’s Day a public holiday?
The answer to this question is no, Valentine’s Day is not a public holiday in most countries, including India. On this day, government offices, schools, and businesses operate as per their regular schedules. Additionally, public transportation services also run as usual.
Valentine’s Day economic impact in India:
In India, Valentine’s Day has evolved into an important commercial event, especially among the youth. As per the Associated Chambers of Commerce and Industry of India (Assocham), the Valentine’s Day market in India was Rs 25,000 crore in 2023.
On this day, retailers witness an increase in the sales of greeting cards, flowers, chocolates, and personalized gifts. Archies Limited reported revenues of around Rs 3.2 crore during Valentine’s Week in 2023.
Additionally, hotels and restaurants also report a surge in the bookings. OYO observed around a 35% increase in bookings for Valentine’s Day, with destinations such as Vrindavan, Bengaluru and Hyderabad being the most popular.
Meanwhile, online platforms also see an increase in orders for flowers, chocolates and other gifts as well. FNP.com had delivered a record 350 roses per minute ahead of Valentine’s Day.
Valentine’s Day global economic impact:
In United States, consumer spending during Valentine’s Week is estimated to reach 25.9 billion dollars, with expenditures on dining out, jewellery as well as romantic getaways.
Meanwhile, countries like the UK and France also see a spending on traditional gifts such as flowers and chocolates.
As per Free Pixel, in 2019, the global market for Valentine’s Day was valued at approximately 22.1 billion dollars. Following this, spending increased to 24.7 billion dollars in 2020, marking a 11.7% growth.
In 2021, even after the pandemic, the market grew to 26.2 billion dollars whereas in 2022 spending surged to 28.5 billion dollars. Following this, in 2023, spending reached a record 30.9 billion dollars.