As the echoes of Diwali celebrations wane, India gears up for a colossal surge in consumer demand with the onset of the wedding season on November 23. Anticipating a staggering 38 lakh weddings nationwide, the primary retail industry, spanning products and services, projects a remarkable business value of Rs 4.74 lakh crore.
Last year witnessed a notable surge during the same period, reaching Rs 3.75 lakh crore for approximately 32 lakh weddings. The upcoming wedding season, spanning from November 23 to December 15, promises a multitude of ceremonies as couples choose auspicious dates for their unions.
Favorable dates for matrimonial celebrations have been identified on November 23, 24, 27, 28, and 29, as well as December 3, 4, 7, 8, 9, and 15. The Confederation of All India Traders (CAIT), after consultations with trade organizations and stakeholders in 30 cities, foresees a significant economic upswing.
CAIT’s calculations estimate a market boost of around Rs 4.74 lakh crore from the anticipated 3.8 million weddings, covering expenses related to the wedding and the acquisition of various services. Delhi alone is predicted to host over 400,000 weddings, generating a business volume of approximately Rs 1.25 lakh crore, according to CAIT’s National President, BC Bhartia, and Secretary General, Praveen Khandelwal.
Analyzing spending trends, CAIT predicts weddings with expenses ranging from Rs. 300,000 to over Rs. 10 million. The trade distribution for goods is estimated, with textiles, sarees, lehenga, and garments accounting for 10%, and 15% for jewellery articles. Electronics, electricals, and consumer durables make up 5%, while 5% is allocated for dry fruits, fruits, sweets, and namkeen, and 4% for gift items, with the remaining 6% for miscellaneous items.
The services industry is expected to thrive, with allocations for banquet halls, hotels, and wedding venues at 5%, event management at 5%, tent decoration at 12%, catering services at 10%, flower decoration at 4%, travel and cab services at 3%, photo and video shoots at 2%, orchestra and band services at 3%, lights and sound at 3%, and the remaining 3% for miscellaneous services.
Bhartia and Khandelwal anticipate the momentum gained during the wedding season to extend to Christmas and New Year sales, followed by another surge in the wedding season commencing on January 14, coinciding with Sankranti. The economic scenario is poised for a joyous celebration, encompassing both the realm of marriage and market dynamism.
