India eyes Rs. 4.25L crore business from weddings in 2023
India is gearing up for a record-breaking wedding season, with the Confederation of All India Traders (CAIT) estimating 35 lakh weddings to occur between November 23 and December 15, 2023. This matrimonial boom is expected to rake in Rs. 4.25 lakh crore in revenue, marking the highest-ever earnings for the country's wedding industry. The first phase of this wedding bonanza is set to give the Indian economy a major boost, as businesses across various sectors brace for increased demand.
Delhi will lead the way with 3.5 lakh weddings
"In Delhi alone, more than 3.5 lakh weddings are expected to take place in this season, which is likely to generate a business of about Rs. 1 lakh crore in Delhi itself," said BC Bhartia, National President, CAIT. To put things in perspective, last year saw around 32 lakh weddings during the same period, with expenses totaling an estimated Rs. 3.75 lakh crore, Bhartia added.
Wedding expenses vary across different categories
CAIT Secretary General Praveen Khandelwal offered a breakdown of the projected wedding costs for the upcoming season. Approximately six lakh weddings will have an estimated expenditure of Rs. 3 lakh per wedding, while about 10 lakh weddings will cost around Rs. 6 lakh per wedding. Moreover, 12 lakh weddings are predicted to have a budget of Rs. 10 lakh each, with another six lakh weddings ringing up at Rs. 25 lakh per ceremony.
Traders prepare for increased demand and diverse services
Due to the promising business opportunities during the wedding season, traders throughout the country have made extensive preparations. They are ensuring that all their arrangements are in place to handle the expected surge in customers, Bhartia noted. According to Bhartia, approximately 20% of the wedding expenses are allocated to the bride and groom's families, while the remaining 80% is spent on various third-party services involved in conducting the wedding.
