The trading community across the country is in for some good business as the upcoming wedding season, from mid of January till the end of June, is estimated to result in a business flow worth Rs 13 lakh crores.
As per estimates drawn by the Confederation of All India Traders (CAIT), around 70 lakh weddings will be solemnised all over the country during this period and will drive wedding purchases and utilisation of various wedding-related services by people. It is estimated that in the national capital Delhi alone, more than 7 lakh weddings will be solemnised with an estimated expenditure of about Rs 1.25 lakh crores.
Interestingly in 2022 during the months of November and December, 32 lakh marriages were solemnised all over the country with an expenditure of Rs 3.75 lakh crore.
As per CAIT, average expenditure per wedding can range from about Rs 3 lakh to about Rs 1 crore or more. As per CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal, due to the wedding season, traders across the country have made elaborate preparations and are keeping all arrangements up to date to meet the possible rush of customers. Ahead of the wedding season, a large amount of business happens in the repair and painting of houses. In addition to this, jewellery, sarees, lehenga-choli, furniture, readymade garments, clothes, footwear, wedding and greeting cards. dry fruits, sweets, fruits, worship items, grocery, food grains, decoration items, home decoration items, electrical utility, electronics and many gift items etc are usually in great demand. These are expected to do good business this year.
“Banquet halls, hotels, open lawns, community centres, public parks, farm houses and many other types of places for weddings are fully prepared across the country. In addition to the purchase of accessories at each wedding, a wide variety of services are also involved, including tent decorators, flower decorations, crockery, catering service, travel service, cab service, professional welcoming groups, vegetable vendors, photographers, videographers, shehnai, orchestra, DJ etc besides many other types of services. Along with this, event management and packaging have also emerged as big business,” remarked Khandelwal.
He further added that about 20 per cent of expenditure of each marriage goes to the groom and the bride's side, while 80 per cent of the expenditure goes to other third party agencies who work in solemnising the marriage. “Notably this money does not get stuck but keeps flowing back in the market by way of expenditures of different kinds by people. This helps in maintaining financial liquidity in the markets,” added Khandelwal.