38 lakh more weddings to take place before end of 2023 ; Rs 4.74 crores to be generated
38 lakh more weddings to take place before end of 2023 ; Rs 4.74 crores to be generated
By: Pune Pulse
November 22, 2023
Following the conclusion of the Diwali celebration, the business sector is preparing for an immense increase in consumer demand as the wedding season commences on November 23. With an estimated 38 lakh weddings set to occur throughout the nation, the primary retail industry, which includes both products and services, is projecting a remarkable business value of Rs 4.74 lakh crore.
As per the information provided, during the same period, last year’s trade saw a notable surge, reaching Rs 3.75 lakh crore for around 32 lakh weddings. The upcoming auspicious wedding season, starting on November 23 with Dev Uthan Ekadashi and lasting until December 15, will be filled with a multitude of ceremonies, as couples choose propitious dates for their unions.
According to the calculations, the dates of November 23, 24, 27, 28, and 29, as well as December 3, 4, 7, 8, 9, and 15, have been identified as favourable for matrimonial celebrations. The Confederation of All India Traders (CAIT), following discussions with trade organizations and stakeholders in 30 cities, anticipates a significant economic upswing.
As per CAIT’s calculations, the market is expected to receive a boost of around Rs 4.74 lakh crore from the 3.8 million weddings that are anticipated to take place. This includes expenses related to the wedding as well as the acquisition of different services. CAIT’s National President, BC Bhartia and Secretary General, Praveen Khandelwal, highlighted that Delhi alone is predicted to host more than 400,000 weddings during this period, which is expected to generate a business volume of approximately Rs 1.25 lakh crore.
When analyzing the spending trends, CAIT predicts that there will be approximately 700,000 weddings with costs of around Rs. 300,000; 800,000 weddings with expenses of Rs. 600,000; 1 million weddings with expenditures of Rs. 1 million; 700,000 weddings with costs of Rs. 1.5 million; 500,000 weddings with expenses of Rs. 2.5 million; 50,000 weddings with costs of Rs. 5 million; and an additional 50,000 weddings with expenses surpassing Rs. 10 million.
The trade distribution for goods is estimated as follows: 10% for textiles, sarees, lehenga, and garments, 15% for jewellery articles, 5% for electronics, electricals, and consumer durables, 5% for dry fruits, fruits, sweets, and namkeen, 5% for food grain, grocery, and vegetables, 4% for gift items and the remaining 6% for miscellaneous items.
It is anticipated that the services industry will thrive, with 5% of the budget allocated to banquet halls, hotels, and other wedding venues, 5% to event management, 12% to tent decoration, 10% to catering services, 4% to flower decoration, 3% to travel and cab services, 2% to photo and video shoots, 3% to orchestra and band services, 3% to lights and sound, and the remaining 3% to miscellaneous services.
Bhartia and Khandelwal expect that the momentum gained during the wedding season will extend to the Christmas and New Year sales, and will be followed by another surge in the wedding season commencing on January 14, which coincides with Sankranti. The economic scenario is poised for a joyous celebration, encompassing both the realm of marriage and market dynamism.
