New Delhi: A survey conducted by Confederation of All India Traders (CAIT), India's largest seller body with 70 million traders, released today has indicated that approximately 42 lakh weddings are expected to take place nationwide from January 15 to July 15 resulting in a substantial capital influx of about Rs 5.5 lakh crores through wedding-related purchases and services. The survey has been carried out in 30 cities of India across different states.
The wedding season considered a significant part of the Indian economy, is playing a pivotal role in its robust growth, stated CAIT. Following Prime Minister Narendra Modi's appeal, destination weddings within the country have gained popularity among all types of weddings, the survey said.
CAIT National President Mr. B C Bhartia and Secretary General Mr. Praveen Khandelwal revealed that in Delhi alone, more than 4 lakh weddings are expected to take place during this season, generating approximately Rs 1.5 lakh crore in business revenue. Last year, around 35 lakh weddings occurred during the wedding season ending on December 14th, with expenses estimated at Rs 4.25 lakh crore.
During this marriage season, it is estimated that about 5 lakh weddings will have an expenditure of Rs 3 lakh per wedding, while approximately 10 lakh weddings will cost around Rs 6 lakh each. Furthermore, 10 lakh weddings are projected to incur expenses of Rs 10 lakhs per wedding, followed by 10 lakh weddings with expenditures of Rs 15 lakhs per wedding.
Additionally, 6 lakh weddings are expected to have an expenditure of Rs 25 lakhs each, 60 thousand weddings with Rs 50 lakhs expenditure per wedding, and 40 thousand weddings with expenses exceeding Rs 1 crore. Overall, during these six months, approximately Rs 5.5 lakh crore will circulate through wedding-related purchases in the markets.
The CAIT executives emphasized that in anticipation of the lucrative business opportunities during the wedding season, traders nationwide are adequately stocked with wedding-related goods to meet customer preferences and demands. They mentioned that approximately 20 percent of the expenditure for each marriage is allocated to both the groom's and bride's side, while 80 percent goes to third-party agencies involved in wedding arrangements.
Before the wedding season, a significant amount of business is conducted in-home repairs and painting. Additionally, jewellery, sarees, lehenga-chuni, furniture, readymade garments, clothing, footwear, wedding and greeting cards, dry fruits, sweets, fruits, worship items, groceries, food grains, decoration items, home decor, electrical utilities, electronics, and various gift items are typically in high demand and expected to generate significant business this year.
They added that banquet halls, hotels, open lawns, community centres, public parks, farmhouses, and various other wedding venues are fully booked across the country, including Delhi. Besides purchasing accessories at each wedding, a wide array of services are also in demand, including tent decorators, flower decorations, crockery, catering services, travel services, cab services, professional welcome groups, vegetable vendors, photographers, videographers, bands, musicians, DJ services, horses for wedding processions, carriages, lighting, and numerous other services, all expected to thrive during this time. Additionally, event management and packaging of wedding goods and gift items have emerged as significant business prospects.
The survey further added that the wedding season also provides employment opportunities for a large number of people working in the service sector.
Read More
