The upcoming wedding season during November and December this year will likely generate Rs 5.9 lakh crore in business, said traders’ body Confederation of All India Traders (CAIT) on Monday. Beginning November 12, 2024, the wedding season is expected to see around 48 lakh weddings compared to 35 lakh weddings last year, generating business of around Rs 4.25 lakh crore.
“While there were 11 auspicious wedding dates in 2023, this year there are 18, which will further boost the trade,” CAIT said in a statement. In Delhi alone, an estimated 4.5 lakh weddings are expected to contribute Rs 1.5 lakh crore in business during the season.
The estimates drawn were based on data received from businesses across 75 key cities across the country, primarily those dealing with wedding-related goods and services, the body said.
Providing a breakdown of wedding expenses, CAIT National President B.C. Bhartia said 10 lakh weddings are expected to see an expenditure of Rs 3 lakh per wedding, 10 lakh weddings with an expenditure of Rs 6 lakh per wedding, 10 lakh weddings with an expenditure of Rs 10 lakh per wedding, 10 lakh weddings with an expenditure of Rs 15 lakh per wedding, 7 lakh weddings with an expenditure of Rs 25 lakh per wedding, 50,000 weddings with an expenditure of ₹50 lakh per wedding, and 50,000 weddings with an expenditure of Rs 1 crore or more per wedding.
CAIT National Secretary Praveen Khandelwal said expenses on clothing, sarees, lehengas, and apparel are likely to be 10 per cent, 15 per cent on jewellery, 5 per cent each on electronics, consumer durables, dry fruits and sweets, groceries, wedding venues, event management, 4 per cent on gift items, 10 per cent on catering services, 4 per cent on floral decoration, and others.
“This study has also revealed that consumers are increasingly prioritizing Indian products, reinforcing Prime Minister Narendra Modi’s call for Vocal for Local and Atmanirbhar Bharat. Indian products have made significant inroads in the market, and their demand has increased dramatically, overshadowing foreign goods,” said Khandelwal.