New Delhi: With 48 lakh weddings estimated to take place in the next two months after the Diwali Boom, Indian wedding season is all set to create an Opportunity for Indian Startup and Its Economy. The Confederation of All India Traders claims that this boom will add a whopping Rs 6 lakh crore in business. This is a 25% increase from last year’s 35 lakh weddings that had generated approximately Rs 4.25 lakh crore.
Auspicious Dates and Economic Impact
This year, auspicious wedding dates have risen from 11 to 18, which means that there will be more time to spend on the wedding. Some auspicious dates for weddings include November 12, 13, 17, 18, 22, 23, 25, 26, 28, and 29, and December 4, 5, 9, 10, 11, 14, 15, and 16. After December 16, there will be a brief lull, and then the wedding season will resume from mid-January to March 2025.
Delhi is going to be at the centre during this time with about 4.5 lakh marriages projected, that is adding roughly Rs 1.5 lakh crore to the economic basket.
Changing Purchase Trend
CAIT reports how consumer behavior towards buying changes have also witnessed a remarkable change and Indian products over import products. The approach shows in tune with government ‘s policies of ‘Vocal for Local’ and ‘Aatmanirbhar Bharat’ are well on the track in relation to their goal to raise the nation’s economic indicators.
Wedding Expenditure Breakup
Weddings fall under goods, services and the major spending heads are as follows:
Goods:
Sarees, lehengas: 10%
Jewelry: 15%
Electronics and appliances: 5%
Dry fruits and sweets: 5%
Groceries: 5%
Gift items: 4%.
Services:
Banquet halls and venues: 5%
Event management: 3%
Catering services: 10%
Photography and videography: 2%
Spending on social media services connected with weddings is in growing trend.
Estimated Spending per Wedding
The CAIT study also gives idea of the probable expenditure per wedding:
For 10 lakh weddings, average expenditure is likely to be: Rs 3 lakh per wedding (10 lakh weddings)
Rs 6 lakh per wedding (10 lakh weddings)
Rs 10 lakh per wedding (10 lakh weddings)
Rs 15 lakh per wedding (10 lakh weddings)
Rs 25 lakh per wedding (7 lakh weddings)
Rs 50 lakh or above per wedding (50,000 weddings).
