Spokesperson: Vaibhav Jain, CEO and Founder, Tynimo
- What are the plans for Valentine’s Day?
We have curated a Valentine’s day special combos of products. The curated combos are available in four different price ranges with a set of suitable components.
- Please share the products or services you have planned?
We have a total of 4 combos planned where each combo is designed in different price points
- The Boy Friend, not Boyfriend combo’ that comprises a men’s sling bag or digital watch of your choice, a stylish belt, a diary/book and a showpiece flower
- Playin and slayin’ combo priced at Rs 999. It includes a neck chain, a pair of earrings, facial cleanser, a makeup mirror and a greeting card
- Another combo that has scented candles, reed diffusers, a cute notebook, a showpiece flower, pens and earrings
- ‘Crush Hush’ combo is for those who want to keep it simple. Priced at Rs 749, this combo comprises a wooden showpiece, artificial flower and a greeting card.
- How was the response last year, in terms of revenue, number of users and feedback?
This is our first year of operations, therefore I will not be able to comment on Valentine’s day response from last year. However, we have noticed that during special occasions and festivals, there is definitely a demand for gifting items. Every festival or a special day, we curate combos or have new categories of products that are suitable for the occasion. Customers look for new additions in our category of products and we have surely seen that there is demand for occasion specific gifting.
- How big is the Valentine’s Day market in India?
As per an ASSOCHAM report that came out a couple of years ago, Valentine’s day spending was close to an estimated Rs 22,000 crore. (Ref: https://www.business-standard.com/article/news-cm/v-day-market-in-india-may-cross-rs-22-000-crore-this-year-assocham-115021300667_1.html)
Though this is an old report, I am positive that the trend has only moved upward from here. Consumers today have the spending capacity and an array of shopping avenues to choose from. So, it’s likely that the spending has definitely increased
- Has it gone up or down in the last decade?
The concept of Valentine’s day is very popular among the masses. Be it college students, working class or middle aged, a lot of people still like to celebrate Valentine’s day either through gifting, a nice getaway, dinner or something else. I would say it has definitely gone up in the last decade.
- What are the factors leading to the increase or decrease?
There are many reasons for the increase. Firstly, the spending capacity of people has definitely led to the increase in buying gift items for loved one. With double income households, couples don’t mind spending a few extra bucks to make their loved one feel special. Secondly, Smartphone penetration is yet another reason for the increase in gifting or buying products. Shoppers can easily access gifts online and order them within seconds. Shopping has become a convenient experience because of Smartphones. Lastly, social media has changed the way we live. Days like Valentine’s day, though some people don’t want to celebrate it, they end up doing something special or buying a gift because of social media influence. So many brands out there put out quirky offers, discounts and new products for Valentine’s day. All this can be quite exciting for a customer.
- What are the trends you see in the consumer behavior during Valentine’s Day?
Since this is the first time, we are celebrating Valentine’s day at TYNIMO, we are yet to study and understand consumer behavior.
- In the US, Valentine’s Day spending breaks new records every year. Would you have any numbers on Indian retail sales?
Mentioned in question 4
- What is the future of retail spending during valentine’s day in India?
Though future cant be predicted for such occasions, it is likely that the spend during Valentine’s will grow keeping positive thoughts in mind. Lately, we have been influenced by the western culture and Valentine’s has been popularized from Western countries. Hence, my prediction is that Valentine’s can become a very important opportunity if planned and cashed upon in the right way by the retailers.
- Would you have any survey related to the D-day?
We don’t have any surveys on this.