Traders project ₹5.9 lakh crore boost for India from upcoming wedding season

India is getting ready for a big economic lift as the upcoming wedding season is expected to bring in ₹5.9 lakh crore in business. This information comes from a recent study by the Confederation of All India Traders (CAIT).

Around 48 lakh weddings are planned across the country in November and December 2024. Because of this, merchants and retailers are preparing for a significant rise in demand for products and services related to weddings.

This year’s wedding season is set to surpass last year’s numbers, which recorded 35 lakh weddings generating ₹4.25 lakh crore. The rise in weddings this year is attributed to an increase in auspicious wedding dates, which have grown from 11 in 2023 to 18 in 2024. This extension of auspicious dates means more opportunities for couples to tie the knot, leading to higher spending in various sectors.

Delhi is expected to host around 4.5 lakh weddings, contributing ₹1.5 lakh crore to the overall business, highlighting the capital’s important role in this economic surge. The wedding season will kick off on November 12 and continue until December 16, featuring several auspicious dates that are likely to drive wedding spending significantly.

Acharya Durgesh Tare, Convenor of CAIT’s Veda and Spiritual Committee, emphasized that the season begins on Dev Uthani Ekadashi and includes many auspicious dates in both November and December. This extended wedding period is anticipated to generate more business activity compared to previous years.

High demand for Indian products “Vocal for Local”

CAIT’s National Secretary General, Praveen Khandelwal, stated that consumers are increasingly focusing on Indian products. This trend aligns with Prime Minister Narendra Modi‘s call for “Vocal for Local” and “Atmanirbhar Bharat,” which means Self-reliant India. Khandelwal noted that Indian products have gained considerable popularity, surpassing foreign goods in demand. This growing preference indicates a promising future for local products in India.

CAIT National President, BC Bhartia, provided a breakdown of expected wedding expenses across different budgets. For instance, about 10 lakh weddings are estimated to cost around ₹3 lakh each, while high-end weddings may exceed ₹1 crore. This range of spending is expected to boost various sectors, with increased demand for clothing, jewelry, electronics, and food items.

In addition to goods, services such as banquet halls, event management, catering, transportation, and photography are also projected to see a sharp increase in business. Another emerging trend this year is the growing expenditure on social media services for wedding coverage, as many couples aim to enhance their online presence during the celebrations.

Following the wedding season, the festive celebrations of Christmas and New Year are expected to keep the economic momentum going. Furthermore, the second phase of the wedding season is expected to begin in mid-January 2025, providing additional business opportunities for traders and service providers.

As India enters this bustling wedding season, the expected economic activity is poised to create a reaction effect across various industries, fostering growth and prosperity in the months to come.

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