4.25 Lakh Crore Will Be Spend On 35 Lakh Weddings In 30 Days!


Mohul Ghosh

Mohul Ghosh

Sep 19, 2024


India is gearing up for a massive wedding season between November and mid-December 2024, with an estimated 35 lakh weddings planned during this period. According to a report by PL Capital-Prabhudas Lilladher, the country is expected to spend around Rs 4.25 lakh crore during this time, surpassing last year’s expenditure. This surge in weddings is expected to boost various sectors of the Indian economy, from jewellery to hospitality, and provide significant economic momentum.

4.25 Lakh Crore Will Be Spend On 35 Lakh Weddings In 30 Days!

Record Spending on Weddings

The projected 35 lakh weddings are a considerable increase from the 32 lakh that took place during the same period in 2023. These weddings are expected to contribute Rs 4.25 lakh crore in spending. The report highlights that gold, a major component of wedding expenses, is set to see increased demand due to a recent reduction in import duties. The government’s decision to cut gold import duties from 15% to 6% in the July budget will play a crucial role in this, making gold more affordable during the upcoming festive and wedding season.

Economic Impact Across Sectors

The wedding season will have a ripple effect across multiple sectors of the Indian economy. Key industries such as jewellery, retail, hospitality, and automobiles are set to benefit the most from the increased spending. The Confederation of All India Traders (CAIT) also reports that between January and July 2024, over 42 lakh weddings generated an estimated Rs 5.5 lakh crore in expenditure. With the additional 35 lakh weddings planned, consumer demand will significantly boost sales for premium goods and services, such as hotels, airlines, and luxury transportation. The Indian stock market is also likely to experience a positive uptick due to this increased consumer spending.

Government’s Push for Destination Weddings

To further capitalize on the booming wedding market, the Indian government plans to promote India as a premier destination for weddings. With a focus on 25 key wedding destinations, this initiative is expected to draw international couples, potentially capturing USD 12.1 billion (INR 1 lakh crore) that is currently spent on destination weddings abroad. This move will not only enhance tourism but also increase foreign exchange inflow into the country, supporting India’s broader economic growth strategy.

In conclusion, India’s wedding season is poised to deliver a significant economic boost, with increased consumer spending driving growth across various sectors. The government’s efforts to promote India as a global wedding destination further complement this upward trend.


Mohul Ghosh
Mohul Ghosh
  • 1477 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online