48 lakh weddings in Nov-Dec expected to drive record Rs 5.9 lakh crore economic boost
PTC News Desk: India is set for a major economic surge as the upcoming wedding season, spanning November and December 2024, is projected to generate a record Rs 5.9 lakh crore in business, according to a recent study by the Confederation of All India Traders (CAIT). With an estimated 48 lakh weddings expected during these two months, the event will fuel unprecedented demand for wedding-related goods and services across the country.
This year's wedding season is predicted to surpass last year's figures, which saw 35 lakh weddings generating Rs 4.25 lakh crore. The increase in economic activity is attributed to the rise in auspicious wedding dates, which have grown from 11 in 2023 to 18 in 2024. This has opened up more opportunities for couples to schedule their ceremonies, leading to a surge in bookings and purchases.
Delhi is expected to play a central role in the overall boom, with an anticipated 4.5 lakh weddings in the capital alone. These weddings are likely to contribute Rs 1.5 lakh crore to the total business, highlighting the city’s importance as a major hub for the wedding industry.
The wedding season will begin on November 12, 2024, with Dev Uthani Ekadashi marking the start of the festivities, and run until December 16. This extended period, featuring numerous auspicious dates, is expected to drive higher spending compared to previous years, according to Acharya Durgesh Tare, Convenor of CAIT’s Veda and Spiritual Committee.
Also Read: Ashneer Grover settles legal dispute with BharatPe, concludes all company affiliations
Praveen Khandelwal, CAIT’s National Secretary General, emphasised the growing preference for Indian products as part of Prime Minister Narendra Modi’s "Vocal for Local" and "Atmanirbhar Bharat" (Self-reliant India) campaigns. He noted that the demand for Indian-made goods has significantly increased, surpassing foreign products in the wedding market. “Indian products have made significant inroads in the market, and their demand has increased dramatically, overshadowing foreign goods. This indicates a bright future for Indian products in the country,” Khandelwal said.
BC Bhartia, CAIT’s National President, provided a detailed analysis of expected wedding expenditures across different budget ranges. Around 10 lakh weddings are expected to have budgets of Rs 3 lakh each, while high-end ceremonies could exceed Rs 1 crore. This diverse spending range will stimulate growth in various sectors, including clothing, jewellry, electronics, and food, as well as services like banquet halls, event management, catering, transportation, and photography.
Also Read: Kangana Ranaut agrees to censor board edits for 'Emergency'
An emerging trend for 2024 is the increased expenditure on social media services for wedding coverage. As couples seek to boost their digital presence, services such as professional photography, videography, and live streaming are seeing heightened demand.
The economic momentum from this wedding season is expected to continue with the upcoming festive events like Christmas and New Year celebrations. Additionally, the second phase of the wedding season is set to begin in mid-January 2025, providing further opportunities for merchants and service providers to capitalise on the heightened demand.
The wedding season remains a significant driver of India's economy, bringing together multiple industries and creating vast business opportunities nationwide. With a record number of weddings scheduled, 2024 is poised to be a landmark year for the Indian wedding industry.
Also Read: Mithun Chakraborty to get Dadasaheb Phalke Award for outstanding contribution to Indian cinema
- With inputs from agencies
