Upcoming wedding season may generate Rs. 4.74 lakh crore business
The Confederation of All India Traders (CAIT) anticipates a bustling wedding season in India, with an estimated Rs. 4.74 lakh crore in mainline retail revenue. This projection is based on approximately 38 lakh weddings taking place nationwide, starting November 23. In comparison, last year saw around 32 lakh weddings during the same period, generating a trade estimate of Rs. 3.75 lakh crore.
Delhi alone is expected to witness over 4 lakh weddings
CAIT's National President BC Bhartia and Secretary General Praveen Khandelwal revealed that Delhi alone is expected to host over four lakh weddings this season, contributing to a business worth about Rs. 1.25 lakh crore. The wedding season commences on November 23 with Dev Uthan Ekadashi and lasts until December 15, featuring auspicious dates in both November and December.
The breakdown of wedding expenses is as follows
The estimated 38 lakh weddings are predicted to have varying levels of expenses. The breakdown includes seven lakh weddings with costs of around Rs. 3 lakh; eight lakh weddings with a budget of Rs. 6 lakh; seven lakh weddings with Rs. 15 lakh costing, and five lakh weddings with a budget of Rs. 25 lakh. Additionally, 50,000 weddings are expected to have a budget of around Rs. 50 lakh and another 50,000 weddings with expenses surpassing Rs. 1 crore.
Distribution of expenditure during weddings is as follows
In the goods sector, allocations consist of textiles (10%), jewelry (15%), electronics and consumer durables (5%), dry fruits, sweets and savories (5%), groceries and vegetables (5%), gift items (4%), and other miscellaneous items (6%). Services estimates include banquet halls, hotels, and other marriage venues (5%), event management (5%), tent decoration (12%), catering services (10%), flower decoration (4%), travel and cab services (3%), photo and video shoots (2%), orchestra and band services (3%), lights and sound (3%), and miscellaneous services (3%).
Sales momentum is expected to continue till CY24 end
Bhartia and Khandelwal are optimistic that the momentum of wedding season sales will persist through Christmas and New Year, followed by another surge in the wedding season starting January 14. This continuous economic activity is expected to benefit businesses across various sectors, contributing to India's overall growth during this time.
