The current wedding season in the nation, anticipated to extend until mid-July with an estimated 42 lakh weddings, is foreseen to stimulate economic activity worth Rs 5.5 lakh crore in wedding-related purchases and services, as per a survey conducted by CAIT Research & Trade Development Society, a research arm of the traders’ body CAIT.
B C Bhartia, the National President, and Praveen Khandelwal, the Secretary General of CAIT, revealed that Delhi alone is expected to host over 4 lakh weddings, contributing around Rs 1.5 lakh crore to the overall business revenue. Last year’s wedding season, concluding on December 14, witnessed approximately 35 lakh weddings, with expenses totalling an estimated Rs 4.25 lakh crore.
The traders’ body projects an average expenditure of Rs 3 lakh per wedding during the season, with around 10 lakh weddings budgeted at Rs 6 lakh each. Additionally, they anticipate 10 lakh weddings with expenses amounting to Rs 10 lakhs per wedding, followed by 10 lakh weddings with Rs 15 lakhs per wedding.
Moreover, 6 lakh weddings are predicted to have an expenditure of Rs 25 lakhs each, 60,000 weddings with Rs 50 lakhs expenditure per wedding, and 40,000 weddings with expenses exceeding Rs 1 crore.
Bhartia and Khandelwal noted that approximately 20 per cent of the expenditure for each wedding is allocated to both the groom’s and bride’s sides, while 80 per cent is directed towards third-party agencies involved in wedding arrangements.
A wide array of products and services, including home repairs and painting, jewellery, sarees, furniture, readymade garments, clothing, footwear, wedding and greeting cards, dry fruits, sweets, fruits, worship items, groceries, food grains, decoration items, home decor, electrical utilities, and electronics, are anticipated to witness heightened demand and significantly contribute to business growth this year, according to CAIT.
Furthermore, banquet halls, hotels, open lawns, community centres, public parks, farmhouses, and various other wedding venues are reported to be fully booked across the country, including Delhi, as stated by Bhartia and Khandelwal.