Business News
Upcoming wedding season to see Rs 6 lakh crore turnover: Traders’ body
From 11 auspicious dates last year, this year’s season will have 18 dates, which is expected to boost business.
New Delhi: According to a study conducted by the Confederation of All India Traders (CAIT), the upcoming wedding season in India is expected to generate a business of around Rs 6 lakh crore from 48 lakh weddings, which is 41 per cent higher than the figure of Rs 4.25 lakh crore recorded last year from 35 lakh weddings.
From 11 auspicious dates last year, this year’s season will have 18 dates, which is expected to boost business. According to estimates compiled by CAIT, Delhi alone is expected to generate a business of Rs 1.5 lakh crore from 4.5 lakh weddings this year.
CAIT estimates that 10 lakh weddings will cost ₹ 3 lakh per marriage, 10 lakh weddings will cost ₹ 6 lakh per marriage, 10 lakh weddings will cost ₹ 10 lakh per marriage, 10 lakh weddings will cost ₹ 15 lakh per marriage, 7 lakh weddings will cost ₹ 25 lakh per marriage, 50,000 weddings will cost ₹ 50 lakh per marriage and 50,000 weddings will cost ₹ 1 crore or more per marriage.
Acharya Durgesh Tare, convener of CAIT’s Veda and Spiritual Committee, said that the auspicious marriage dates for this season are November 12, 13, 17, 18, 22, 23, 25, 26, 28, 29 and December 4, 5, 9, 10, 11, 14, 15, and 16. After this period, there will be a break of about a month before the season resumes, which will be from mid-January to March 2025.
Praveen Khandelwal, Secretary General, CAIT, said, “The study has also highlighted a shift in consumer buying behaviour, with people preferring Indian products over foreign goods, which reflects the success of Prime Minister Narendra Modi’s ‘Vocal for Local’ and ‘Aatmanirbhar Bharat’ (self-reliant India) vision.”
Mr Khandelwal said wedding expenditure is divided between goods and services, with the main expenditure sectors being jewellery (15 per cent), clothing (10 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).
In the services sector, expenditure is likely to go on services such as banquet halls, hotels and event venues (5 per cent), catering services (10 per cent), event management, tent decoration, floral decoration, transport and cab services (3 per cent), photography and videography (2 per cent), music and lighting, among others.
