Love blooms amidst economic revival

• Colombo embraces Valentine’s Day with a renewed spirit of resilience and optimism

As Sri Lanka emerges from the shadows of a pandemic and a crippling economic crisis, the city of Colombo yesterday embraced Valentine’s Day with a renewed spirit of resilience and optimism.
In 2022, Sri Lanka was rocked by a severe economic crisis, marked by sky-rocketing inflation and dwindling purchasing power. 
However, in 2023, the country began to see signs of recovery. Inflation, once at alarming levels, has now subsided to single digits. Yet, challenges remain, as the government’s decision to raise the Value-Added Tax (VAT) to 18 percent from January 1, 2024, and remove certain products and services from the exempt list, continued to impact consumers.
Despite these challenges, the people of Colombo were determined to celebrate love. Valentine’s Day, which had been a grand affair in the pre-pandemic era, was once again embraced with open arms. Businesses, eager to capitalise on the festive spirit, rolled out enticing offers and packages, particularly in the mid to high-end market segments. The hospitality sector witnessed a surge in activity, with restaurants and hotels bustling with couples eager to mark the occasion.

The gift market, too, experienced a resurgence, with the mid and high-end segments driving demand. Florists, in particular, saw a significant uptick in business. Importing roses from India to meet the demand, vendors reported a starting price of Rs. 250, signalling a return to normalcy after a tumultuous period.
While not everyone could afford to splurge on Valentine’s Day, the spirit of celebration was palpable. For many, it was a moment to forget the hardships of the past and embrace joy. This optimism was a testament to the resilience of the people of Colombo, who refused to let economic challenges dampen their spirits.