This wedding season, 48 lakh weddings to generate Rs 6 lakh crore business in 35 days
The upcoming wedding season in India, which runs from November 12 to December 16, is expected to generate nearly Rs 6 lakh crore in business from 48 lakh weddings, according to a study conducted by the Confederation of All India Traders (CAIT).
PTC News Desk: The upcoming wedding season in India, which runs from November 12 to December 16, is expected to generate nearly Rs 6 lakh crore in business from 48 lakh weddings, according to a study conducted by the Confederation of All India Traders (CAIT).
This represents a 41% increase from the previous year's figure of Rs 4.25 lakh crore for 35 lakh weddings.
This year's season, with 18 auspicious days, will contribute to economic growth. Delhi alone is expected to see Rs 1.5 lakh crore in revenue over 4.5 lakh weddings, according to CAIT expectations.
CAIT estimates that 10 lakh weddings will cost around Rs 3 lakh. Around 10 lakh weddings will cost Rs 6 lakh. There would be 10 lakh weddings with Rs 10 lakh, 10 lakh weddings with Rs 15 lakh per wedding, 7 lakh weddings with Rs 25 lakh per wedding. There would be 50,000 weddings with a budget of Rs 50 lakh per wedding and 50,000 weddings with Rs 1 crore or more per wedding.
Acharya Durgesh Tare, the convenor of CAIT's Veda and Spiritual Committee, stated that 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, there will be a month-long hiatus before the season returns in 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," CAIT's Secretary General Praveen Khandelwal states.
According to Khandelwal, wedding expenses are divided into goods and services, with the main areas of expenditure being jewellery (15%), clothing (10%), electronics and appliances (5%), dry fruits, sweets, and snacks (5%), groceries and vegetables (5%), gift items (4%), and other goods (6%).
In the services sector, expenditures are expected to go to banquet halls, hotels and venues (5%), catering services (10%), event management, tent decoration, floral decorations, transportation and cab services (3%), photography and videography (2%) and other services such as music and lighting.