Grand wedding season anticipation: Rs 4.74 lakh crore boost to Indian markets
Nov 21, 2023
New Delhi [India], November 21 : As the nation emerges from a record-breaking Diwali festive season, the business community is gearing up for a colossal surge in demand with the commencement of the upcoming wedding season on November 23.
With an estimated 38 lakh weddings expected to take place across the country, the mainline retail sector, encompassing goods and services, anticipates a staggering business worth Rs 4.74 lakh crore.
This marks a significant increase from last year's trade, which amounted to Rs 3.75 lakh crore for approximately 32 lakh weddings during the same period.
The auspicious wedding season, commencing on Dev Uthan Ekadashi on November 23 and extending until December 15, will witness a flurry of ceremonies as stars align for propitious wedding dates.
Calculations indicate that November 23, 24, 27, 28, and 29, along with December 3, 4, 7, 8, 9, and 15, are deemed auspicious for matrimonial celebrations.
The Confederation of All India Traders (CAIT), after consultations with trade bodies and stakeholders across 30 cities, predicts a substantial economic surge.
According to CAIT estimates, the 38 lakh weddings are expected to infuse about Rs 4.74 lakh crore into the market, reflecting both wedding-related purchases and the procurement of various services.
CAIT National President B C Bhartia and Secretary General Praveen Khandelwal emphasized that Delhi alone is projected to witness over 4 lakh weddings during this season, contributing to an estimated business volume of approximately Rs 1.25 lakh crore.
Breaking down the expenditure patterns, CAIT expects about 7 lakh weddings with expenses around Rs. 3 lakhs, 8 lakh weddings with Rs 6 lakhs, 10 lakh weddings with Rs 10 lakhs, 7 lakh weddings with Rs 15 lakhs, 5 lakh weddings with Rs 25 lakhs, 50 thousand weddings with Rs 50 lakhs, and another 50 thousand weddings with expenses exceeding Rs 1 crore.
In the realm of goods, the estimated trade distribution includes 10 per cent in textiles, sarees, lehnga, and garments, 15 per cent in jewellery articles, 5 per cent in electronics, electricals, and consumer durables, 5 per cent in dry fruits, fruits, sweets, and nankeen, 5 per cent in food grain, grocery, and vegetables, 4 per cent in gift items, and the remaining 6 per cent in miscellaneous items.
The services sector is also expected to flourish, with allocations of 5 per cent for banquet halls, hotels, and other marriage venues, 5 per cent for event management, 12 per cent for tent decoration, 10 per cent for catering services, 4 per cent for flower decoration, 3 per cent for travel and cab services, 2 per cent for photo and video shoots, 3 per cent for orchestra and band services, 3 per cent for lights and sound, and the remaining 3 per cent for miscellaneous services.
Bhartia and Khandelwal anticipate that the momentum from the wedding season will spill over into Christmas and New Year sales, followed by another surge in the wedding season starting January 14, coinciding with Sankranti.
The economic landscape is set for a jubilant celebration, both in terms of matrimony and market vibrancy.
