As wedding season approaches, India's retail sector is also gearing itself up for a surge in its economic activity. As per reports, in a India, where weddings kicks off this giant festivities, this year it is estimated to bring a ehopping Rs 5.9 trillion into the economy.
A Wedding Bonanza: More Celebrations Than Ever
As per Confederation of All India Traders (CAIT), in the month of November and December this year, it is expected to be one for the record books, with an estimated 4.8 million weddings planned across the country.
This potential numbers also highlights about a significant surge from last year, which saw around 3.5 million weddings generating Rs 4.25 trillion in business.
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But what makes this year different?
The answer to this lies in the auspicious wedding dates. This year, as per reports there are 18 lucky dates compared to just 11 last year, opening up more opportunities for couples to tie the knot.
According to Acharya Durgesh Tare, Convenor of CAIT’s Veda and Spiritual Committe, this wedding season include key dates in the month of November such as 12, 13, 17, 18, and several in December. After a brief pause following December 16, weddings will continue into mid-January and last until March 2025.
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In Delhi alone, around 450,000 weddings are expected this year, which solely contribute to an staggering Rs 1.5 trillion to the local economy.
The CAIT has analysed data from 75 cities to project that this season the Indian, often known for its giant weddings will significantly impact various industries across the country.
This will have an impact from the clothingto jewellery, hospitality to event management, and much more.
CAIT Secretary General Praveen Khandelwal higlighted the shift towards domestic products, saying, “This season reflects Prime Minister Narendra Modi’s ‘Vocal for Local’ initiative.”
Interestingly, there’s an emerging trend of spending on social media services to capture and share wedding memories.
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