Extravagant Indian weddings expected to spend ₹4.25 lakh crore this season
The key industries that stand to gain the most from the increased expenditure include retail, jewellery, hospitality, and automobiles.
Extravagant Indian weddings are set to dominate the upcoming wedding season in India, with an estimated 35 lakh marriages scheduled between November and mid-December 2024. According to research by PL Capital-Prabhudas Lilladher, the country is likely to spend around Rs 4.25 lakh crore during this period, exceeding last year’s expenditure. These extravagant Indian weddings are expected to generate significant economic momentum, benefiting industries such as jewellery and hospitality across India. The grandeur of these events will drive substantial economic activity during this time.
Compared to the 32 lakh weddings that occurred during the same period in 2023, the estimated 35 lakh weddings represent a significant rise. It is anticipated that these marriages will generate expenditures of Rs 4.25 lakh crore.
Rise in Demand for Gold
According to the research, demand for gold—a significant expense for weddings—is expected to rise as a result of a recent drop in import levies. This will be facilitated by the government’s decision in the July budget to lower import levies on gold from 15% to 6%, which will lower the price of gold during the approaching holiday and wedding season.
The wedding season will have a broad impact on the Indian economy. The key industries that stand to gain the most from the increased expenditure include retail, jewellery, hospitality, and automobiles. Additionally, according to the Confederation of All India Traders (CAIT), over 42 lakh weddings generated Rs 5.5 lakh crore between January and July 2024.
With an additional 35 lakh weddings anticipated, consumer demand for premium products and services including hotels, airlines, and luxury transportation will increase dramatically. This increased consumer spending is also expected to benefit the Indian stock market.
India as a Wedding Destination
To capitalise even more on the thriving wedding market, the Indian government intends to promote India as a top wedding destination. With a focus on 25 key wedding sites, this initiative is designed to attract international couples, perhaps capturing the USD 12.1 billion (INR 1 lakh crore) presently spent on destination weddings abroad. This decision will not only boost tourism but also foreign exchange inflows into the country, hence aiding India’s overall economic growth strategy.
Overall, higher consumer spending is supporting growth across a variety of sectors, and India’s wedding season is expected to provide a major economic boost. The government’s initiatives to market India as a destination for weddings around the world add to this positive trend.
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