Valentine’s Day and Pahela Falgun have become major economic events in Bangladesh.
How do these days boost business?
These festivals create a massive demand for specific items. Businesses “roll” because people want to show affection through gifts and experiences.
- Flowers: Markets in Shahbagh and Agargaon go into “overdrive”. A single rose that usually costs Tk 10-20 can jump to Tk 100 on Valentine’s Day.
- Clothing: People wear traditional colors like red, orange, and yellow. Local brands can sell Tk 500-600 crore worth of clothes during this time. (click on 500-600 cr for a fact check.)
- Dining: Restaurants, especially on “Love Road” in Mirpur, see huge crowds. Some eateries sell four times their usual daily amount.
Market Scenario Throughout the Years
In the past, Valentine’s Day was simpler. It was mostly about spending quality time and talking. Now, it is a “romance economy” worth over Tk 2,000 crore. (click on 2000 Cr for a fact check.)
- The Pandemic Hit: In 2020 and 2021, sales dropped because of COVID-19. Flower sales fell from Tk 200 crore to around Tk 180 crore.
- The Inflation Era: Even when inflation (when the price of goods goes up) was over 8%, people still spent money on flowers and fancy dinners. People chose to celebrate despite the “grim numbers” of the economy. (click on inflation era for a fact check.)
Why are Hotels and Jewellery Shops offering discounts?
Big shops and hotels use discounts to attract customers and “reinvigorate” or jumpstart their business.
- Jewellery: Shops like Diamond World and Amin Jewellers offer discounts between 27% and 50%. This helps them reach sales targets of Tk 500 crore.
- Hotels & Resorts: Places like the InterContinental offer 25% off or special couple packages. Resorts like Royal Tulip see over 90% occupancy (rooms filled) because of these deals.
Digital Payments and MFS
The sources mention that digital payment companies announce various offers to encourage shopping. While the specific “add money from credit card” mechanic isn’t detailed in these sources, e-commerce sites like Daraz and Evaly offer 10% to 50% discounts to boost online sales during this season.
Every part of the world has different cultures, different colours, and different lifestyles. We should take the good side of it and drop the bad side. That shouldn’t be the way, no? Celebrating love on the 1st of Falgun is an indication of having good cultural practices. We all know what celebration does to society.
We, as Bengalis, always love to celebrate. Either it can be a general election (feels like an Eid) or Eid and Durga Puja.
– Opinion | Daily ScrollDown