Here is some good news for traders to cheer nationally. After a successful Diwali season, traders across the country are now preparing for major business opportunities in the upcoming wedding season. According to a recent study conduced by the Confederation of All India Traders (CAIT), the retail sector, encompassing both goods and services, is expected to benefit from approximately 48 lakh weddings, generating business worth nearly Rs 6 lakh crore. During the same period last year, 35 lakh weddings created business worth Rs 4.25 lakh crore.
The CAIT report this year (2024) the increase in auspicious wedding dates is anticipated to bring significant growth. In 2023, there were 11 auspicious dates, whereas this year there are 18, further fuelling the trade. Interestingly the national capital Delhi alone is expected to witness 4.5 lakh weddings, contributing an estimated Rs 1.5 lakh crore to the economy.
Interestingly the CAIT study has also highlighted a shift in consumer purchasing behavior, with people increasingly opting for Indian products over foreign goods. “Wedding expenses are divided between goods and services, with main expenditure areas in goods including clothing, sarees, lehengas, and apparel (10 per cent), jewellery (15 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),” remarked Praveen Khandelwal, CAIT’s Secretary General and Member of Parliament from Chandni Chowk, Delhi.
The CAIT report further observes that in the services sector, expenditures will likely go toward banquet halls, hotels, and venues, event management, tent decoration, catering services, floral decorations, transportation and cab services, photography and videography, orchestra and music, lighting and sound, and other services. A new trend emerging is the increasing spend on social media services for weddings.
“This extended wedding season, along with festival sales, is expected to give an unprecedented boost to the Indian economy, benefiting various industries and businesses across the country. These sectors are expected to increase production capacity, improve trade practices, and adopt more advanced digital technologies,” added Khandelwal.
Providing further breakdown of wedding expenses B.C. Bhartia, CAIT National President, remarked that 10 lakh weddings will involve spending of Rs 3 lakh per wedding, 10 lakh with Rs 6 lakh per wedding, another 10 lakh with Rs 10 lakh per wedding, 10 lakh with Rs 15 lakh per wedding, 7 lakh with Rs 25 lakh per wedding, 50,000 with Rs 50 lakh per wedding, and 50,000 weddings with Rs 1 crore or more per wedding.
As per the CAIT study auspicious dates for the current wedding season fall on November 12, 13, 17, 18, 22, 23, 25, 26, 28, and 29, and on 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. Apparently CAIT has derived these estimates based on discussions with major business organizations across 75 cities across the country specifically those dealing in wedding-related goods and services.
“These estimates are based on auspicious dates, though numerous weddings will also occur on non-auspicious dates. Additionally, various pre-wedding functions, like mehendi, sangeet, and engagements, also represent significant expenses,” said Khandelwal.
