2024-10-02 08:21:25
New Delhi: As soon as October arrives, Shardiya Navratri is starting from the first week. After this the wedding season is starting. This time the marriage vows will continue till December 16, 2024. There have been many estimates that during this period there will be about 35 lakh marriages across the country. The value of goods and services traded in so many weddings can reach up to Rs 5.9 lakh crore. This will give new impetus not only to the market but also to the entire economy.
Traders started preparations
The wedding season is starting next month from 12th November. According to a study conducted by the Confederation of All India Traders (CAIT), the country’s retail sector (which includes both goods and services) is expected to generate business worth Rs 5.9 lakh crore this wedding season. With an estimated 48 lakh weddings across the country, this season will mark a major economic growth milestone. Last year also the total business had reached Rs 4.25 lakh crore with 35 lakh marriages.
More wedding dates this year
This year the number of marriage dates is slightly more. There are 18 auspicious dates falling this year during the year 2023, compared to 11 days at present. Due to this, there will be further growth in business. In Delhi alone, business of Rs 1.5 lakh crore is estimated from 4.5 lakh weddings this season. Around 48 lakh marriages are estimated to take place during this season across the country.
how much does a wedding cost
Marriage takes place among people of every class. But, not everyone spends the same. In some marriages, crores of rupees are spent and in some marriages it is settled for just two-three lakh rupees. Kat says that this year most of the marriages cost between Rs 3 to 15 lakh. Yes, there will be around seven lakh marriages in which Rs 25 lakh will be spent. There will be 50-50 thousand such marriages in which the expenditure will be between Rs 50 lakh and more than Rs 1 crore.
The market will get a boost
According to CAT, wedding expenses are usually divided between goods and services. The goods sector is expected to witness significant trade in the following commodities:
– Clothing, sarees, lehengas, and apparel (10%)
– Jewelery (15%)
– Electronics, electrical appliances, and consumer durables (5%)
– Dry fruits, sweets, and snacks (5%)
– Groceries and vegetables (5%)
– Gift items (4%)
– Other goods (6%)
A lot of expenditure in service industry also
Expenditure in the services sector will be distributed among the following:
– Banquet halls, hotels, and wedding venues (5%)
– Event Management (5%)
– Tent Decoration (12%)
– Catering services (10%)
– Flower decoration (4%)
– Transport and cab services (3%)
– Photography and Videography (2%)
– Orchestra and Band (3%)
– Light and Sound (3%)
– Other services (3%)