India’s retail sector is bracing for an extraordinary surge in economic activity with the upcoming wedding season, starting from November 12, 2024. A study by the Confederation of All India Traders (CAIT) projects an astounding Rs 5.9 trillion in business during this period, fuelled by an estimated 4.8 million weddings across the country.
This marks a significant jump from the previous year’s Rs 4.25 trillion, driven by 3.5 million weddings. With a notable increase in auspicious wedding dates — 18 this year compared to 11 last year — the potential for economic growth is unprecedented. Delhi alone is expected to see around 450,000 weddings, contributing Rs 1.5 trillion to the overall business.
Auspicious wedding dates to boost trade
According to Acharya Durgesh Tare, Convenor of CAIT’s Veda and Spiritual Committee, the wedding season will kick off on November 12, Dev Uthani Ekadashi, and will run until December 16. Key wedding dates include November 12, 13, 17, 18, 22, 23, 25, 26, 28, and 29, with December 4, 5, 9, 10, 11, 14, 15, and 16 rounding out the season. Weddings will then resume from mid-January 2025 until March, following a brief pause.
CAIT’s study, based on data from 75 cities, suggests that this year’s wedding season will inject a massive Rs 5.9 trillion into the economy, covering a wide range of goods and services.
‘Vocal for Local’ drives consumer choices
Praveen Khandelwal, CAIT’s National Secretary General and Member of Parliament from Chandni Chowk, Delhi, highlighted that the preference for Indian-made products has grown considerably, aligning with Prime Minister Narendra Modi’s ‘Vocal for Local’ and ‘Atmanirbhar Bharat’ campaigns.
The shift towards Indian goods is becoming increasingly prominent, as consumers turn away from foreign products in favour of locally made items, providing a bright outlook for Indian manufacturers.
Wedding expenses: A detailed breakdown
CAIT National President BC Bhartia shared insights into the anticipated wedding expenditures:
– 100,000 weddings with expenses of Rs 3 lakh each
– 1 million weddings with expenses of Rs 6 lakh each
– 1 million weddings with expenses of Rs 10 lakh each
– 1 million weddings with expenses of Rs 15 lakh each
– 700,000 weddings with expenses of Rs 25 lakh each
– 50,000 weddings with expenses of Rs 50 lakh each
– 50,000 weddings with expenses of Rs 1 crore or more each
The estimates, according to CAIT National Secretary Sumit Aggarwal, may be conservative, given the scope of economic activity expected.
Goods and services set to thrive
According to Khandelwal, the wedding boom will benefit both the goods and services sectors. Key areas of spending on goods include:
– Clothing, sarees, lehengas, and apparel (10 per cent)
– Jewellery (15 per cent)
– Electronics and consumer durables (5 per cent)
– Dry fruits, sweets, and snacks (5 per cent)
– Groceries and vegetables (5 per cent)
– Gift items (4 per cent)
– Other goods (6 per cent)
In the services sector, major beneficiaries include:
– Banquet halls and wedding venues (5 per cent)
– Event management (5 per cent)
– Tent decoration (12 per cent)
– Catering services (10 per cent)
– Floral decoration (4 per cent)
– Transportation (3 per cent)
– Photography and videography (2 per cent)
– Orchestra and bands (3 per cent)
– Light and sound (3 per cent)
– Other services (3 per cent)
This year, spending on social media services for weddings is expected to rise, with couples opting for curated digital coverage of their big day.
Festivals to keep the momentum going
The trade momentum from the wedding season will carry through to Christmas and New Year celebrations, noted Brajmohan Khandelwal, a senior CAIT member. This period will be followed by another wave of weddings starting January 16, 2025, on Makar Sankranti.
Khandelwal further emphasised that the combination of the wedding season and festival sales will give a significant boost to India’s economy. Businesses are expected to ramp up production, enhance trade practices, and adopt advanced digital technologies to meet the growing demand.
First Published: Sep 30 2024 | 3:48 PM IST
