Wedding Season Estimated to Generate Rs. 5.5 Lakh Crore Business Across India
As the wedding season unfolds across the country, an estimated 42 lakh weddings are anticipated to spur a bustling business of approximately Rs. 5.5 lakh crore. Shankar Thakkar, the National President of the Confederation of All India Traders (CAIT) and the National President of the All India Food Oil Traders Association, revealed that traders nationwide, including Mumbai, are eagerly anticipating the current wedding season, which runs from January 15th to July 15th.
Thakkar’s estimate is based on discussions with traders and service providers from 30 different cities across various states, conducted by CAIT’s research branch, the CAIT Research and Trade Development Society.
According to B.C. Bhartiya, CAIT’s National President, Delhi alone is expected to witness over 4 lakh weddings during this season, contributing to approximately Rs. 1.5 lakh crore in commercial revenue. Last year, the wedding season concluded on December 14th, with around 35 lakh weddings and an estimated expenditure of Rs. 4.25 lakh crore.
During this wedding season, the per-wedding expenditure is projected to be around Rs. 3 lakh for approximately 5 lakh weddings, while for nearly 10 lakh weddings, it is expected to be around Rs. 6 lakh per wedding. Additionally, the estimated cost per wedding is approximately Rs. 10 lakh for 10 lakh weddings, and Rs. 15 lakh for 10 lakh weddings, with 6 lakh weddings expected to cost around Rs. 25 lakh each. Furthermore, there will be 60,000 weddings with an estimated expenditure of Rs. 50 lakh per wedding, and 40,000 weddings with a cost exceeding Rs. 1 crore. Overall, during these six months, the wedding-related purchases and services are estimated to generate approximately Rs. 5.5 lakh crore in business.
Thakur emphasized that traders across the country have stocked up adequately to meet the demand for wedding-related goods and services, ensuring that customers’ preferences and demands are met. He mentioned that approximately 20% of the expenditure for each wedding goes to the bride and groom, while the remaining 80% is attributed to third-party agencies involved in organizing the wedding.
Mahesh Bakhai, Senior Vice President of CAIT Maharashtra, noted that apart from weddings, there is a significant business in home maintenance and painting before the wedding season begins. Additionally, there is high demand for jewelry, sarees, lehengas, furniture, ready-made garments, footwear, wedding and invitation cards, dry fruits, sweets, fruits, puja items, groceries, decorative items, home decor, electrical utilities, electronics, and various gift items during this season.
Sachin Nivangune, President of CAIT Maharashtra State, stated that banquet halls, hotels, open lawns, community centers, public parks, farmhouses, and various wedding venues in Mumbai and across the country have been fully booked. Apart from the purchases made for each wedding, there is also a significant demand for tent decoration, venue decoration, floral arrangements, catering services, travel services, cab services, professional welcome groups, vegetable vendors, photographers, videographers, bands, musicians, DJ services, wedding procession horses, carriages, lighting, drums, trumpets, and shehnai players, among many other services. Additionally, there is a substantial demand for packaging of wedding supplies and gift items, as well as event management services established as a significant business during the wedding season. It is noteworthy that during the wedding season, there is also significant employment in the services sector.
Thakur further revealed that Mumbai alone is expected to witness over 3 lakh weddings during this season, contributing to a commercial revenue of over Rs. 1.00 lakh crore.
