Big fat wedding season is back, Indian economy to get a Rs 5.9 lakh crore boost: CAIT 

The big fat Indian wedding season is back. Merchants across the country are gearing up for an unprecedented economic boom with the onset of the upcoming wedding season, which begins on November 12, 2024.  

According to a study conducted by the Confederation of All India Traders (CAIT), the retail sector, which includes both goods and services, is expected to witness business worth Rs 5.9 lakh crore during this wedding season. The national capital is estimated to see 4.5 lakh weddings and is expected to contribute a massive Rs 1.5 lakh crore alone in business during this season. 

With an estimated 48 lakh weddings estimated this season it is poised to be a significant economic milestone for the country’s economy. Last year, 35 lakh weddings generated a total business of Rs 4.25 lakh crore.  

This year there is an increase in wedding date, which is expected to result in substantial growth in business. While there were 11 auspicious dates in 2023, this year there are 18. 

In India, wedding expenditures peak during two distinct periods: November to mid-December and mid-January to July, commonly referred to as the 'Wedding Season'. These periods coincide with increased economic activity, especially during the first peak period which aligns with the festive season.   

Auspicious dates and impact 

Acharya Durgesh Tare, Convenor of CAIT’s Veda and Spiritual Committee, this year’s wedding season will kick off from November 12 (Dev Uthani Ekadashi) and will last until December 16. Weddings will then pause for about a month and will resume from mid-January 2025 through March. Afterward, the next round of weddings will begin on January 16, Makar Sankranti. 

Based on data received from business in 75 key cities across the country — primarily those dealing with wedding-related goods and services — CAIT estimates that with 48 lakh weddings this season, the spending on wedding-related goods and services will inject Rs 5.9 lakh crore into the economy. 

Praveen Khandelwal, CAIT’s National Secretary General, said the study also revealed that consumers are increasingly prioritising Indian products on the lines PM Minister Narendra Modi’s call for ‘Vocal for Local’ and ‘Atmanirbhar Bharat’ (self-reliant India). Indian products have made significant inroads in the market and their demand has increased dramatically overshadowing foreign goods, he said. 

Breakdown of expenses 

According to CAIT National President BC Bhartia here is how the wedding expenditure will look like: 

• 50,000 weddings, with an expenditure of Rs 1 crore or more per wedding  
• 50,000 weddings, with an expenditure of Rs 50 lakh per wedding 
• 7 lakh weddings, with an expenditure of Rs 25 lakh per wedding 
• 10 lakh weddings, with an expenditure of Rs 15 lakh per wedding 
• 10 lakh weddings, with an expenditure of Rs 10 lakh per wedding 
• 10 lakh weddings, with an expenditure of Rs 6 lakh per wedding 
• 10 lakh weddings, with an expenditure of Rs 3 lakh per wedding 

CAIT National Secretary Sumit Aggarwal said that these estimates are conservative given the massive scale of economic activities expected during the season. Besides the auspicious dates, a significant number of weddings also take place on other dates. 

Spending in goods and services  

Khandelwal said that wedding expenses are typically divided between goods and services. The major goods sectors that will see most expenditure are clothing and apparel (10 percent) and jewellery (15 percent). These are followed by electronics and consumer durables (5 percent) and confectionery (5 percent), groceries and vegetables (5 percent) and gift items (4 percent). 

In the services sector majority of the spending goes to tent decoration (12 percent), catering services (10 percent), banquet halls, hotels and wedding venues (5 percent), event management (5 percent), floral decoration (4 percent).  

A new trend this year is the growing expenditure on social media services for weddings, Khandelwal added.