Rs 3.75 Lakh Crore Will Spent On 32 Lakh Weddings In November, December (Survey In 35 Cities)

As per the data from the Confederation of All India Traders (CAIT), country’s trading community, as many as 32 lakh weddings are expected to be solemnised in India between November 4 and December 14, which will generate businesses to the tune of Rs 3.75 lakh crore.

This survey was carried out by the research arm of Confederation of All India Traders and assessment was made out of it. The survey was carried out in 35 cities with 4,302 traders and service providers.

Rs 3.75 lakh Crore Overall Business, Rs 75,000 Crore in Delhi itself

Praveen Khandelwal, CAIT Secretary General said that in Delhi alone, more than 3.5 lakh weddings are expected to take place in this season, which is likely to generate a business of about Rs 75,000 crore in Delhi itself.

Last year around 25 lakh weddings took place in the same period and expenses were estimated at Rs 3 lakh crore.

He added that the around Rs 3.75 lakh crore will flow through the wedding purchases in the markets in this wedding season. He also said that the next phase of the wedding season will start from January 14 and continue till July.

How Marriages Boost the Indian Economy?

‘The Great Indian Weddings’ are unparalleled. It is essence of the kaleidoscopic Indian culture and an average Indian spends around one fifth of the total lifetime wealth on the wedding celebrations. It is during this time that the idle money that is locked up in the lockers can come into circulation.

In 2013, Conde Nast India estimated the size of the Indian wedding business at $38 billion per year. 

Wedding involves more than just groom and bride and families, it is much more than that as it involves wedding planners, decorators, mehendi artists, bands and musicians, photographers and caterers to name a few.

The industry has been picking up at a pace of 20% annually and awareness about make-up is growing at a rate of 50%. New kinds of jobs are witnessing unprecedented growth. The make-up artists have become highly paid professionals.

Many banks and Non Banking Financial Companies offer tailor made personal marriage loans. Wedding insurance is the new kid on the block. A couple may purchase a wedding insurance to cover unexpected losses due to fire, cancellation due to illness or loss to the wedding dress.

Gold-the status insignia forms one of the largest fractions of wealth possessed by Indian households. Indians, who consider gold as an auspicious long term asset start investing in it right from the time their children are born, making the nation the second largest consumer of gold in the world.