After experiencing unprecedented sales during Diwali, India’s business sector is gearing up for the upcoming wedding season that commences on November 23. The Confederation of All India Traders (CAIT) anticipates a substantial business potential of Rs 4.74 lakh crore in mainstream retail, encompassing both goods and services, attributed to approximately 38 lakh weddings across the country.
Wedding Season Projections: Anticipated Expenditures and Market Impact
Comparatively, the previous year saw 32 lakh weddings during the same period, with an estimated trade value of Rs 3.75 lakh crore. The wedding season, set to unfold from November 23 on Dev Uthan Ekadashi, will extend until December 15, featuring auspicious dates in both November and December.
Following this period, weddings are scheduled to resume from mid-January to July 2024. CAIT, having consulted with key trade bodies in 30 cities serving as distribution centers and various stakeholders, projects that the 38 lakh weddings will inject around Rs 4.74 lakh crore into the market, encompassing expenditures related to weddings and diverse services.
BC Bhartia, the national president of CAIT, and Praveen Khandelwal, the secretary general, noted that Delhi alone is expected to host over 4 lakh weddings during this season, contributing to a business of approximately Rs 1.25 lakh crore.
Breaking down the expected expenditure patterns, CAIT forecasts approximately 7 lakh weddings with expenses around Rs 3 lakh, 8 lakh weddings with Rs 6 lakh, 10 lakh weddings with Rs 10 lakh, 7 lakh weddings with Rs 15 lakh, 5 lakh weddings with Rs 25 lakh, 50 thousand weddings with Rs 50 lakh, and another 50,000 weddings with expenses exceeding Rs 1 crore.
Expenditure Allocation in the Wedding Industry: Goods and Services Breakdown
CAIT members suggest that 50 percent of the expenditure will be allocated to goods, while the remaining 50 percent will be spent on various services. In the goods sector, allocations include 10 percent for textiles, 15 percent for jewelry, 5 percent for electronics and consumer durables, 5 percent for dry fruits, sweets, and savories, 5 percent for grocery and vegetables, 4 percent for gift items, and the remaining 6 percent for miscellaneous items.
The services sector is also expected to flourish, with allocations of 5 percent for banquet halls, hotels, and other marriage venues, 5 percent for event management, 12 percent for tent decoration, 10 percent for catering services, 4 percent for flower decoration, 3 percent for travel and cab services, 2 percent for photo and video shoots, 3 percent for orchestra and band services, 3 percent for lights and sound, and the remaining 3 percent for miscellaneous services.
Bhartia and Khandelwal express optimism 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.
