New Delhi: With estimated 42 lakh marriages to take place during the ongoing wedding across the country, the Indian retail trade is all set to experience a significant upswing. As evidenced by the projected trade influx of Rs 5.5 trillion during the season, spanning from 15th January to 15th July, substantial retail activity through wedding-related purchases and services is going to get major push.
The Confederation of All India Traders (CAIT), a body representing trade organisations across the country, claimed that the surge in trade is happening due to the encouragement of organizing destination weddings within the country, which has led to a majority of weddings being held in various domestic locations this season. Demand for wedding venues has soared, with destinations in different states reporting overbooking for such events.
CAIT General Secretary Praveen Khandelwal said that comparing this season’s estimated spending of Rs 5.5 trillion to the previous season’s figures, where around 35 lakh weddings occurred with expenses totaling Rs 4.25 lakh crore between 14th November and 14th December.
The traders’ body outlined the expenditure breakdown, indicating that approximately 5 lakh weddings will have expenses averaging Rs 3 lakh each, while around 10 lakh weddings will cost nearly Rs 6 lakh each. Moreover, 10 lakh weddings are projected to incur expenses of Rs 10 lakhs per wedding, followed by 10 lakh weddings with expenditures of Rs 15 lakh each.
Additionally, 6 lakh weddings are expected to have an expenditure of Rs 25 lakh each, with 60000 weddings costing Rs 50 lakh each, and 40000 weddings exceeding Rs 1 crore in expenses. Overall, wedding-related purchases and services are anticipated to drive circulation of approximately Rs 5.5 lakh crore during this six-month period.
Several sectors are poised to benefit from this surge in trade, including home repairs and painting, jewellery, traditional attire, furniture, garments, footwear, wedding and greeting cards, dry fruits, sweets, groceries, and electronics, electrical, builder hardware, food grains and pulses, decoration items, home decor, worship items, gift articles among others.
It also noted that various wedding venues, including banquet halls, hotels, open lawns, and farmhouses, are fully booked across the country.
In addition to purchasing accessories, a wide range of services such as decoration, catering, transportation, photography, and entertainment, flower decoration, tent decoration, crockery & catering services, travel services, cab services, professional welcome groups, vegetable vendors, photo and videographers, bands, musicians, DJ services, horse carts, lighting, etc are in high demand, offering significant business opportunities. Event management and packaging of wedding goods and gifts have also emerged as lucrative prospects, providing employment opportunities for many in the service sector.
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