Upcoming wedding season to boost India's economy by ₹5.9L crore
What's the story
India's economy is all set for a big boost. The upcoming wedding season is expected to generate a whopping ₹5.9 lakh crore in business.
This prediction comes straight from a study by the Confederation of All India Traders (CAIT).
With around 48 lakh weddings lined up for November and December 2024, it's going to be a wedding extravaganza.
Capital's contribution
Delhi to contribute significantly to economy
Delhi is all set to play a pivotal role in India's economic boom, with a whopping 4.5 lakh weddings expected to happen in the capital city alone.
These celebrations are forecasted to rake in ₹1.5 lakh crore of the overall business.
This underlines Delhi's significance in boosting India's economy during the wedding season, which kicks off on November 12.
Market shift
Indian products witnessing increased demand
Praveen Khandelwal, who serves as CAIT's National Secretary General, pointed out that shoppers are turning more toward Indian products.
He said, "Indian products have made significant inroads in the market, and their demand has increased dramatically, overshadowing foreign goods."
This change is in harmony with Prime Minister Narendra Modi's 'Vocal for Local' and 'Atmanirbhar Bharat' (self-reliant India) campaigns.
Economic impact
Diverse spending patterns to fuel various sectors
CAIT National President, BC Bhartia, gave an in-depth breakdown of what weddings might cost, depending on your budget.
We're looking at spending anywhere from ₹3 lakh for an affordable ceremony, to over ₹1 crore for those high-end weddings.
This broad spending spectrum is expected to give a boost to several sectors, thanks to the rising demand for essentials like clothing, jewelry, electronics, and food items.
Service boom
Wedding services to witness sharp rise in business
Expect to see a big boost in services like banquet halls, catering, event management, transportation, and photography during the wedding season.
One big trend this year is the growing spending on social media services for wedding coverage. More and more couples want to amp up their digital presence during their special celebrations.