India’s wedding season biz expected to surge 41 pc to Rs 6 lakh crore: CAIT
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The upcoming wedding season in India which will extend from November 12 till December 16 is likely to generate business worth nearly Rs 6 lakh crore from 48 lakh weddings which constitutes a 41 per cent increase over the corresponding figure of Rs 4.25 lakh crore recorded for 35 lakh weddings last year, according to a study carried out by the Confederation of All India Traders (CAIT).
From 11 auspicious dates the previous year, this year’s season would have 18 dates which is expected to fuel the business growth, with Delhi alone expected to see Rs 1.5 lakh crore business across 4.5 lakh weddings this year, estimates compiled by CAIT show.
CAIT estimates 10 lakh weddings involving spending of Rs 3 lakh per wedding, 10 lakh weddings with Rs 6 lakh per wedding, 10 lakh weddings with Rs 10 lakh per wedding, 10 lakh weddings with Rs 15 lakh per wedding, 7 lakh weddings with Rs 25 lakh per wedding, 50,000 weddings with Rs 50 lakh per wedding, and 50,000 weddings with Rs 1 crore or more per wedding.
CAIT’s Veda and Spiritual Committee convenor Acharya Durgesh Tare said the auspicious wedding dates for this season are November 12, 13, 17, 18, 22, 23, 25, 26, 28, and 29 and December 4, 5, 9, 10, 11, 14, 15, and 16. Following this period, there will be a pause of about a month before the season resumes from mid-January to March 2025.
“The study has also highlighted a shift in consumer purchasing behaviour, with people increasingly opting for Indian products over foreign goods, reflecting the success of Prime Minister Narendra Modi’s ‘Vocal for Local’ and ‘Atmanirbhar Bharat’ (Self-Reliant India) vision,” said CAIT’s Secretary General Praveen Khandelwal.
Khandelwal said wedding expenses are divided between goods and services, with main expenditure areas in goods including jewellery (15 per cent), clothing (10 per cent), electronics and appliances (5 per cent), dry fruits, sweets, and snacks (5 per cent), groceries and vegetables (5 per cent), gift items (4 per cent), and other goods (6 per cent).
In the services sector, expenditures will likely go toward banquet halls, hotels, and venues (5 per cent), catering services (10 per cent), event management, tent decoration floral decorations, transportation and cab services (3 per cent), photography and videography (2 per cent), other services such as music and lighting.
(With inputs from IANS)
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