Welcoming the momentum from the recent festive season, businesses across the country are preparing for the lucrative wedding season.
Exceeding Last Year's Record: Wedding Season Revenue Projected to Hit Rs 4.74 Lakh Crore
Building upon last year's impressive performance, when 32 lakh weddings generated an estimated Rs 3.75 lakh crore in trade, the upcoming wedding season is poised to shatter records. Industry body Confederation of All India Traders (CAIT) projects a staggering Rs 4.74 lakh crore in revenue, fueled by an anticipated 38 lakh weddings across the country. This remarkable growth reflects the enduring significance of weddings as a major economic driver in India.
Delhi's Wedding Extravaganza: Over 4 Lakh Weddings to Generate Rs 1.25 Lakh Crore
The upcoming wedding season is expected to witness over 4 lakh weddings, generating an amazing work of approximately Rs 1.25 lakh crore. This remarkable overflow in wedding-related activities highlights Delhi's position as a major hub for celebrations.
Wedding Expenses to Run Across India: CAIT Expects a Range of Expenditures
Industry body Confederation of All India Traders (CAIT) has projected a range of wedding costs for the upcoming season. They expect that approximately 7 lakh weddings will have an average expenditure of Rs 3 lakhs, while 8 lakh weddings are expected to spend around Rs 6 lakhs. A significant 10 lakh weddings are projected to incur an average expense of Rs 10 lakhs, with 7 lakh weddings likely to spend Rs 15 lakhs.
Additionally, 5 lakh weddings are anticipated to have an average expenditure of Rs 25 lakhs. For those seeking more lavish affairs, 50,000 weddings are expected to cost Rs 50 lakhs each, while another 50,000 weddings are projected to have expenses exceeding Rs 1 crore.
Wedding Expenses Divided Equally between Goods and Services: A Breakdown of Trade Percentages
Wedding expenditures are typically divided evenly between the purchase of goods and the procurement of services. The estimated trade percentage for various goods sectors includes 10% for textiles, sarees, lehengas, and garments; 15% for jewellery articles; 5% for electronics, electrical items, and consumer durables; 5% for dry fruits, fruits, sweets, and nankeen; 5% for food grains, groceries, and vegetables; 4% for gift items; and the remaining 6% for other miscellaneous items. This breakdown highlights the diverse range of industries that contribute to the vibrant wedding industry in India.
Services Sector Takes a Significant Share of Wedding Expenses: A Breakdown of Trade Percentages
The services sector plays a crucial role in wedding expenses, with an estimated trade percentage breakdown as follows: 5% for banquet halls, hotels, and other marriage venues; 5% for event management; 12% for tent decoration; 10% for catering services; 4% for flower decoration; 3% for travel and cab services; 2% for photo and video shoots; 3% for orchestra, band, etc.; 3% for lights and sound; and the remaining 3% for other miscellaneous services. This breakdown highlights the importance of service providers in creating memorable and seamless wedding experiences.
Festive Cheer Continues Beyond Wedding Season: Christmas, New Year Sales, and Second Wedding Wave Expected
The joyous spirit of the wedding season will extend beyond the auspicious dates, as Christmas and New Year sales are poised to maintain the momentum. Following this festive interlude, a second wave of wedding celebrations is anticipated to commence on January 14, further fueling the economic vibrancy. This extended period of merriment underscores the enduring significance of festivities in India.