Tuesday 05 / November / 2024
New Delhi: After a successful Diwali season, traders across the country are now preparing for major business opportunities in the upcoming wedding season, set to begin with Dev Uthani Ekadashi on November 12 and continue until December 16.
According to a study conducted by the Confederation of All India Traders (CAIT), the retail sector, encompassing both goods and services, is expected to benefit from approximately 48 lakh weddings, generating business worth nearly Rs 6 lakh crore.
Last year, an estimated 35 lakh weddings during this season created business worth Rs 4.25 lakh crore.
This year, the increase in auspicious wedding dates is anticipated to bring significant growth.
In 2023, there were 11 auspicious dates, whereas this year there are 18, further fueling the trade, CAIT asserted. Delhi alone is expected to witness 4.5 lakh weddings.
According to Acharya Durgesh Tare, Convenor of CAIT's Veda and Spiritual Committee, auspicious dates for this season fall on November 12, 13, 17, 18, 22, 23, 25, 26, 28, and 29, and on December 4, 5, 9, 10, 11, 14, 15, and 16.
Following this period, there will be a pause of about a month before the wedding season resumes from mid-January to March 2025.
CAIT has derived these business estimates based on discussions with major business organisations across 75 cities, specifically those dealing in wedding-related goods and services.
CAIT's Secretary General and Member of Parliament from Chandni Chowk, Praveen Khandelwal, stated that the study has also highlighted a shift in consumer purchasing behaviour, with people increasingly opting for Indian products over foreign goods, reflecting the success of Prime Minister Narendra Modi's 'Vocal for Local' and 'Atmanirbhar Bharat' vision.
Khandelwal noted that these estimates are based on auspicious dates, though numerous weddings will also occur on non-auspicious dates. Additionally, various pre-wedding functions, like mehendi, sangeet, and engagements, also represent significant expenses.
Khandelwal further explained that wedding expenses are divided between goods and services, with main expenditure areas in goods including clothing, sarees, lehengas, and apparel, jewellery, electronics and appliances, dry fruits, sweets, and snacks, groceries and vegetables, gift items, among others.
In the services sector, expenditures will likely go toward banquet halls, hotels, and venues, event management, tent decoration, catering services, floral decorations, transportation and cab services, photography and videography, orchestra and music, lighting and sound, and other services. A new trend emerging is the increasing spending on social media services for weddings.
