The big fat Indian wedding season starting from November 12, 2024, is set to witness 48 lakh weddings, generating business worth Rs 5.9 lakh crore. The estimated figure is based on the data collected from 75 cities across the country who are dealing with wedding-related goods and services. The national capital is also estimated to see 4.5 lakh weddings and is expected to contribute a massive Rs 1.5 lakh crore alone in business.Last year, 35 lakh weddings generated a total business of Rs 4.25 lakh crore. These expenses range from Rs 3 lakh per wedding for 10 lakh ceremonies, to over Rs 1 crore for high-end weddings. This diverse spending spectrum is expected to fuel growth across various sectors, with significant demand for goods such as clothing, jewellery, electronics, and food items.
According to a study conducted by the Confederation of All India Traders (CAIT), this year there is an increase in wedding date, which is expected to result in substantial growth in business. While there were 11 auspicious dates in 2023, this year there are 18.
In India, wedding expenditures peak during two distinct periods: November to mid-December and mid-January to July, commonly referred to as the 'Wedding Season'. These periods coincide with increased economic activity, especially during the first peak period which aligns with the festive season. Acharya Durgesh Tare, Convenor of CAIT’s Veda and Spiritual Committee, said the wedding season will kick off from November 12 (Dev Uthani Ekadashi) and will last until December 16. The auspicious dates in November are 12, 13, 17, 18, 22, 23, 25, 26, 28, and 29, while in December, the dates are 4, 5, 9, 10, 11, 14, 15, and 16. Weddings will then pause for about a month and will resume from mid-January 2025 through March. The second phase of the wedding season is set to resume from 16 January 2025, after Makar Sankranti adding another wave of business opportunities for traders and service providers.
CAIT’s National Secretary General and Chandni Chowk MP, Praveen Khandelwal, , said the study also revealed that consumers are increasingly prioritising Indian products on the lines Prime Minister Minister Narendra Modi’s call for ‘Vocal for Local’ and ‘Atmanirbhar Bharat’ (self-reliant India). Indian products have made significant inroads in the market and their demand has increased dramatically overshadowing foreign goods, he said.
Additionally, services like banquet halls, event management, catering, transportation, and photography will also see a sharp rise in business. Another emerging trend this year is the increased expenditure on social media services for wedding coverage, as more couples look to enhance their digital presence during the festivities.
As per data, at least 10 lakh weddings will be solemnized with an expenditure of Rs three lakh per wedding; 10 lakh weddings with an expenditure of Rs 6 lakh per wedding; 10 lakh weddings, with an expenditure of Rs 10 lakh per wedding; 10 lakh weddings, with an expenditure of Rs 15 lakh per wedding; 7 lakh weddings, with an expenditure of Rs 25 lakh per wedding; 50,000 weddings, with an expenditure of Rs 50 lakh per wedding and 50,000 weddings, with an expenditure of Rs 1 crore or more per wedding.
According to traders, these estimates may actually be conservative, given the massive scale of economic activities expected during the wedding season.
Traders say the major sectors expected to see significant business which include clothing, sarees, lehengas, and apparel (10%), jewelry (15%), electronics, electrical appliances, and consumer durables (5%). dry fruits, sweets, and snacks (5%) and roceries and vegetables (5%) and gift items (4%) and other goods (6%).
Besides, it is estimated banquet halls, hotels, and wedding venues are expected to generate revenue upto five percent of the 5.9 lakh crore business, event management (5%), tent decoration (12%), catering services (10%), floral decoration (4%),transportation and cab services (3%), photography and videography (2%), orchestra and bands (3%) light and sound (3%) and other services (3%) this year.
