The great enormous Indian wedding season is back. Merchants around the country are bracing for an unparalleled economic boom with the start of the impending wedding season on November 12, 2024.
According to a research performed by the Confederation of All India Traders (CAIT), the retail sector, which comprises both products and services, is estimated to generate Rs 5.9 lakh crore in revenue this wedding season. The national capital is scheduled to host 4.5 lakh weddings and generate a colossal Rs 1.5 lakh crore in revenue over this season.
With an expected 48 lakh marriages this season, it is set to be a watershed moment for the country's economy. Last year, 35 lakh marriages produced a total revenue of Rs 4.25 lakh crore. This year, the number of weddings is likely to increase, resulting in significant company growth. In 2023, there were 11 fortunate dates; this year, there are 18.
Wedding expenditures peak in India at two different periods: November to mid-December and mid-January to July, sometimes known as the 'Wedding Season'. These periods correlate with heightened economic activity, particularly during the first peak period, which corresponds to the holiday season.
Auspicious dates and their influence
According to Acharya Durgesh Tare, Convenor of CAIT's Veda and Spiritual Committee, this year's wedding season will begin on November 12 (Dev Uthani Ekadashi) and continue until December 16. Weddings will then take a month off before resuming in mid-January 2025 and lasting until March. The next round of marriages will start on January 16, Makar Sankranti.
According to data collected from businesses in 75 significant locations throughout the nation, especially those dealing with wedding-related products and services, CAIT forecasts that with 48 lakh marriages this season, expenditure on wedding-related goods and services would pump Rs 5.9 lakh crore into the economy.
According to Praveen Khandelwal, CAIT's National Secretary General, the survey also found that customers are increasingly choosing Indian products in accordance with Prime Minister Narendra Modi's calls for 'Vocal for Local' and 'Atmanirbhar Bharat' (self-sufficient India). Indian items have made tremendous inroads into the market, and their demand has skyrocketed, eclipsing international goods, he added.
Breakdown of Expenses
According to CAIT National President BC Bhartia, the wedding expenses would look like this:
50,000 weddings, each costing Rs 1 crore or more.
50,000 weddings, each costing Rs 50 lakh.
7 lakh marriages, with an expenditure of Rs 25 lakh each.
10 lakh marriages, with a cost of Rs 15 lakh each.
10 lakh marriages, at a budget of Rs 10 lakh each wedding.
10 lakh marriages, with a cost of Rs 6 lakh each.
10 lakh marriages, with a cost of Rs 3 lakh each.
CAIT National Secretary Sumit Aggarwal stated that these projections are cautious, given the magnitude of economic activity predicted throughout the season. Aside from the fortunate days, a large number of marriages take occur on other dates.
Spending on goods and Services
Khandelwal explained that wedding costs are often split between products and services. Clothing & apparel (10%) and jewelry (15%) will be the most expensive goods categories. These are followed by electronics and consumer durables (5 percent), confectionary (5 percent), foods and vegetables (5 percent), and gift products (4 percent).
The majority of spending in the services sector is allocated to tent decorating (12%), catering (10%), banquet halls, hotels, and wedding venues (5%), event management (5%), and flower decoration (4%).
This year's new trend is an increase in spending on social media services for weddings, according to Khandelwal.
