Notwithstanding the lingering economic slowdown, companies are ready to cash in on Valentine's Day celebrations and sales of gifts such as flowers, chocolates, toys and gadgets are expected to touch a whopping Rs 18,000 crore during the week, a survey has found.

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"The size of the market is large since V-Day is not a single-day fete but celebrated throughout the week. The spending during V-Day week will be 25 per cent higher than last year, which was about Rs 15,000 crore (Rs 150 billion) in 2013," it said. 

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Valentine's Day is a popular observance around the world and has been increasing in popularity in India of late.

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The survey by industry body Assocham covered as many as 500 corporates and online-shopping companies.

It revealed that several firms are coming up with attractive offers to target youths, especially well-paid executives working in IT, ITeS, retail and hospitality industry, besides college students.

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Besides, personal grooming facilities like spas and beauty parlours will also witness rise in business on account on Valentine's Day, the survey found.

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Around 65 per cent men are likely to purchase gifts for their beloved, while 35 per cent women will purchase gifts for their partners, according to the survey.