The business community is preparing for a massive boost in demand as the upcoming wedding season approaches on November 23. With an estimated 38 lakh weddings set to take place across the country, the mainline retail sector is anticipating a staggering business worth Rs 4.74 lakh crore.
This is a significant increase from last year’s trade, which amounted to Rs 3.75 lakh crore for around 32 lakh weddings during the same period. The auspicious wedding season, starting on Dev Uthan Ekadashi on November 23 and extending until December 15, will see a flurry of ceremonies as favorable wedding dates align.
According to the Confederation of All India Traders (CAIT), after consultations with trade bodies and stakeholders across 30 cities, a substantial economic surge is predicted. CAIT estimates that the 38 lakh weddings will inject about Rs 4.74 lakh crore into the market, encompassing both wedding-related purchases and the procurement of various services.
Breaking down the expenditure patterns, CAIT expects around 7 lakh weddings with expenses of approximately Rs 3 lakh, 8 lakh weddings with Rs 6 lakh, 10 lakh weddings with Rs 10 lakh, 7 lakh weddings with Rs 15 lakh, 5 lakh weddings with Rs 25 lakh, 50 thousand weddings with Rs 50 lakh, and another 50 thousand weddings with expenses exceeding Rs 1 crore.
In terms of goods, the estimated trade distribution includes 10 percent in textiles, sarees, lehnga, and garments, 15 percent in jewelry articles, 5 percent in electronics, electricals, and consumer durables, 5 percent in dry fruits, fruits, sweets, and nankeen, 5 percent in food grain, grocery, and vegetables, 4 percent in gift items, and the remaining 6 percent in miscellaneous items.
The services sector is also expected to flourish, with allocations of 5 percent for banquet halls, hotels, and other marriage venues, 5 percent for event management, 12 percent for tent decoration, 10 percent for catering services, 4 percent for flower decoration, 3 percent for travel and cab services, 2 percent for photo and video shoots, 3 percent for orchestra and band services, 3 percent for lights and sound, and the remaining 3 percent for miscellaneous services.
Industry experts, Mr. Bhartia and Mr. Khandelwal, anticipate that the momentum from the wedding season will spill over into Christmas and New Year sales, followed by another surge in the wedding season starting on January 14, coinciding with Sankranti.
Overall, the economic landscape is poised for a joyous celebration, both in terms of matrimony and market vibrancy. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)